2006 Code of Virginia § 6.1-450 - Qualifications

6.1-450. Qualifications.

A. Upon the filing and investigation of an application for a license, andcompliance by the applicant with the provisions of 6.1-447 and 6.1-448,the Commission shall issue and deliver to the applicant the license appliedfor to engage in business under this chapter at the locations specified inthe application if it finds:

1. That the financial responsibility, character, reputation, experience andgeneral fitness of the applicant and its members, senior officers, directorsand principals are such as to warrant belief that the business will beoperated efficiently and fairly, in the public interest and in accordancewith law; and

2. That the applicant has unencumbered liquid assets per location availablefor the operation of the business of at least $25,000.

B. If the Commission fails to make such findings, no license shall be issuedand the Commissioner shall notify the applicant of the denial and the reasonsfor such denial.

(2002, c. 897.)