2018 Code of Alabama
Title 27 - INSURANCE.
Chapter 40 - INSURANCE PREMIUM FINANCE COMPANIES.
Section 27-40-4 - Licenses - Investigation and qualifications of applicant; issuance.
(a) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this section. If the commissioner does not so find, he shall, within 30 days after he has received such application, at the request of the applicant, give the applicant a full hearing.
(b) The commissioner shall issue or renew a license as may be applied for when he is satisfied that the person to be licensed:
(1) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;
(2) Has a good business reputation and has had experience, training, or education, so as to be qualified in the business for which the license is applied for; and
(3) If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
(Acts 1975, No. 1042, p. 2088, §4.)
