2005 Vermont Code - § 2204. — Approval of application and issuance of license

§ 2204. Approval of application and issuance of license

(a) Upon the filing of the application, payment of the required fees, approval of the bond, and satisfactory proof of liquid assets, the commissioner shall issue and deliver a license to the applicant upon findings by the commissioner as follows:

(1) That the financial responsibility, experience, character, and general fitness of the applicant 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 chapter. If the applicant is a partnership or association, such findings are required with respect to each member. If the applicant is a corporation, such findings are required with respect to each officer and director.

(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) If the commissioner does not find as set forth in subsection (a) of this section, the commissioner shall not issue a license. Within 60 days of filing of the completed application, the commissioner shall notify the applicant of the denial, stating the reason or reasons therefore. If after the allowable period, no request for reconsideration under section 2205(a) of this title is received from the applicant, the commissioner shall return to the applicant the bond and the sum paid by the applicant as a license fee, retaining the investigation fee to cover the costs of investigating the application.

(c) If the commissioner makes findings as set forth in subsection (a) of this section, he or she shall issue the license within 60 days of filing the completed application. The license shall be in full force and effect until surrendered by the licensee, or revocation, suspension or refusal to renew by the commissioner. (Amended 1979, No. 173 (Adj. Sess.), § 4, eff. April 30, 1980; 1987, No. 117, § 4; 1995, No. 162 (Adj. Sess.), § 5, eff. Jan. 1, 1997.)