§ 45-12-118. Grounds to Suspend or Bar a Person From Any Position of Employment, Management or Control of a Licensee
The commissioner, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of employment, management or control of a licensee, if the commissioner finds that the: Censure, suspension, or bar is in the public interest and that the person […]
§ 45-12-119. Consent Orders—emergency Actions by Commissioner
The commissioner may enter into a consent order at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the order. A consent order […]
§ 45-12-120. Complaints Against Licensees to Be Filed With Commissioner — Investigative Powers — Enforcement
Any person aggrieved by the conduct of a licensee under this chapter in connection with the licensee’s regulated activities may file a written complaint with the commissioner who may investigate the complaint. In the course of the investigation of the complaint, the commissioner may: Subpoena witnesses; Administer oaths; Examine any individual under oath or affirmation; […]
§ 45-12-121. Events Requiring Notification by Licensee to Commissioner
Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state: The filing for bankruptcy or reorganization by the licensee; The institution […]
§ 45-12-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Commissioner” means the commissioner of financial institutions or the commissioner’s designee; “Control” means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise; provided, […]
§ 45-12-103. License Required to Engage in Business of Making Flex Loans — Designation of Agent for Service of Process by Nonresident Licensees
No person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter […]
§ 45-12-104. Qualifications for Licensure — Continuing Nature
To qualify for a license to make flex loans, an applicant shall meet the following requirements: The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and The financial responsibility, financial condition, business experience, character, and general fitness of the applicant […]
§ 45-12-105. Contents of Written Application for License
Each application for a license shall be in writing and made under oath or affirmation to the commissioner, in a form prescribed by the commissioner, and shall include the following: The legal name, residence and business address of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing […]
§ 45-12-106. Application Requirements
Each application for a license shall be accompanied by: A filing fee of five hundred dollars ($500), which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof; provided, however, that if a supervision fee is established pursuant to […]
§ 45-12-107. Investigation of Applicants — Issuance of License — Posting of License — Term of License
Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-12-106, the commissioner shall investigate to ascertain whether the requirements prescribed by § 45-12-104 have been satisfied. If the commissioner finds that the requirements have been satisfied, and approves the documents, the commissioner […]