2010 Rhode Island Code
Title 19 Financial institutions
CHAPTER 19-14 Licensed Activities
§ 19-14-7 Issuance or denial of license.

§ 19-14-7 Issuance or denial of license. – (a) Upon the filing of a completed application, the payment of fees and the approval of the bond, the director or the director's designee shall commence an investigation of the applicant. The director or the director's designee shall approve the license applied for in accordance with the provisions of this chapter if he or she shall find:

(1) That the financial responsibility, experience, character, and general fitness of the applicant, and of the applicant's members and of the applicant's officers, including the designated manager of record of a licensed location, if the applicant is a partnership, limited liability company or association, or of the officers including the designated manager of record of a licensed location, and directors and the principal owner or owners of the issued and outstanding capital stock, if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this title; and

(2) That allowing the applicant to engage in business will promote the convenience and advantage of the community in which the business of the applicant is to be conducted.

(b) A license provided pursuant to this title shall remain in full force and effect until it is surrendered by the licensee or revoked or suspended as provided by law.

(c) If the director or the director's designee rejects an application for a license, he or she shall notify the applicant, by certified mail, of the denial, the reason(s) supporting the denial and shall afford the applicant the opportunity for a hearing within a reasonable time period to show cause why the license should not be denied. When an application for a license is denied by the director or the director's designee or withdrawn by the applicant, the director or the director's designee shall return to the applicant the bond, but shall retain the investigation fee to cover the costs of investigating the application. The director or the director's designee shall approve or deny every application for license under this section within sixty (60) days from the date the application is deemed by the director or the director's designee to be completed. Upon written request of the applicant, the director or the director's designee shall advise the applicant whether the applicant's application for any such license is complete and if not, the reason why such application is not complete.

(d) Any applicant or licensee aggrieved by the action of the director or the director's designee in denying a completed application for a license shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42.
History of Section.
(P.L. 1995, ch. 82, § 52; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2009, ch. 148, § 1; P.L. 2009, ch. 160, § 1.)