32-11-205. Determination of likelihood of future noncompliance
32-11-205. Determination of likelihood of future noncompliance. The department may determine that it is not reasonable to believe that an applicant would comply with this chapter if licensed. Bases that the department may use to make that determination include proof that the applicant has been convicted of any felony or a misdemeanor involving fraud or dishonesty, […]
32-11-206. Denial of application
32-11-206. Denial of application. If the department denies a license, the department shall provide the applicant with a written statement explaining the reasons for the denial. History: En. Sec. 9, Ch. 411, L. 2007.
32-11-207. License — display — transfer or assignment — surrender
32-11-207. License — display — transfer or assignment — surrender. (1) A licensee shall post the license in a conspicuous place in the licensee’s principal office. (2) A licensee may not transfer or assign its license. (3) Upon approval by a two-thirds vote of its board of directors and after complying with subsections (4) and (5), a licensee […]
32-11-208. Corporate name and representation of status
32-11-208. Corporate name and representation of status. (1) The corporate name of a licensee must include the word “BIDCO” or “Bidco” and must be distinguishable on the records of the department from the name of any other organized entity and from a reserved or registered name. A licensee may not transact business under a name other […]
32-11-209. Misrepresentation
32-11-209. Misrepresentation. (1) Except as otherwise provided in 32-11-208, a person transacting business in the state who is not a licensee may not knowingly use a name or title that indicates that the person is a BIDCO or otherwise represent that the person is a BIDCO or a licensee. (2) A licensee may not knowingly misrepresent the […]
32-11-210. Dividends
32-11-210. Dividends. (1) A licensee may not pay or obligate itself to pay a cash dividend or dividend in kind to the licensee’s shareholders unless the payment is consistent with a dividend policy that has been adopted by the licensee and approved by the department. (2) When approving dividend policies under this section, the department shall consider […]
32-11-211. Stock buyback
32-11-211. Stock buyback. A licensee may not buy back or obligate itself to buy back a share of equity interest from a shareholder without the prior approval of the department. History: En. Sec. 16, Ch. 411, L. 2007.
32-11-212. Offices
32-11-212. Offices. (1) A licensee shall maintain at least one office in this state. (2) The location of each office of a licensee must be reasonably accessible to the public. (3) A licensee shall post in a conspicuous place at each of the licensee’s offices a sign that bears the corporate name of the licensee. (4) If a licensee […]
32-11-105. Administration — rules — orders — declaratory rulings — judicial review
32-11-105. Administration — rules — orders — declaratory rulings — judicial review. (1) The department shall administer this chapter. The department may issue orders and may adopt rules that, in the opinion of the department, are necessary to execute, enforce, and achieve the purposes of this chapter. (2) When the department issues an order or license under […]
32-11-106. Authority of department
32-11-106. Authority of department. The provisions of this chapter relating to conflicts of interest do not limit the authority of the department to determine that an act involves a conflict of interest and is therefore an unsafe or unsound act. History: En. Sec. 55, Ch. 411, L. 2007.