1315.37 Application for original or renewal license - investigation.

(A) Application for an original or renewal license to make loans pursuant to sections 1315.35 to 1315.44 of the Revised Code shall be in writing, under oath, and in the form prescribed by the superintendent of financial institutions, and shall contain the name and address of the applicant, the approximate location where the business of making loans is to be conducted, and any further information as the superintendent requires. At the time of making an application for an original license, the applicant shall pay to the superintendent a nonrefundable investigation fee of two hundred dollars. No investigation fee or any portion thereof shall be refunded after an original license has been issued. The application for an original or renewal license shall be accompanied by an original or renewal license fee for each business location not to exceed five hundred dollars, except that applications for original licenses issued on or after the first day of July for any year shall be accompanied by an original license fee not to exceed two hundred fifty dollars. All fees paid to the superintendent pursuant to this division shall be deposited into the state treasury to the credit of the consumer finance fund.

(B) Upon the filing of an application for an original or renewal license and the payment of fees in accordance with division (A) of this section, the superintendent shall investigate the facts concerning the applicant and the requirements provided by this division. The superintendent shall approve an application and issue an original or renewal license to the applicant if the superintendent finds all of the following:

(1) The applicant is licensed in good standing pursuant to sections 1315.21 to 1315.30 of the Revised Code.

(2) The financial responsibility, experience, reputation, and general fitness of the applicant are such as to warrant the belief that the business of making loans will be operated lawfully, honestly, and fairly under sections 1315.35 to 1315.44 of the Revised Code and within the purposes of those sections; that the applicant has fully complied with those sections and any rule or order adopted or issued pursuant to section 1315.43 of the Revised Code; and that the applicant is qualified to engage in the business of making loans under sections 1315.35 to 1315.44 of the Revised Code.

(3) The applicant is financially sound and has a net worth of not less than one hundred thousand dollars. The applicant’s net worth shall be computed according to generally accepted accounting principles.

(4) The applicant has never had revoked a license to make loans under sections 1315.35 to 1315.44 of the Revised Code or to do business under sections 1315.21 to 1315.30 of the Revised Code.

(C) If the superintendent finds that the applicant does not meet the requirements of division (B) of this section, the superintendent shall issue an order denying the application for an original or renewal license and giving the applicant an opportunity for a hearing on the denial in accordance with Chapter 119. of the Revised Code. The superintendent shall notify the applicant of the denial, the grounds for the denial, and the applicant’s opportunity for a hearing. If the application is denied, the superintendent shall return the annual license fee but shall retain the investigation fee.

Effective Date: 09-26-1996