Has failed to have at least twenty-five thousand dollars in assets readily available for use in the conduct of the business of each licensed office and branch office. A consumer lender license is not transferable or assignable, and no person may acquire control of a licensee through stock purchase or other device without the prior written consent of the superintendent. The superintendent may refuse consent if the superintendent finds that any of the grounds for denial of renewal, revocation or suspension of a license prescribed in section 6-605 are applicable to the acquiring person. If the superintendent finds no grounds for denial of a license, within one hundred twenty days after receiving a complete application, the superintendent shall grant the application and issue a license to the applicant. B. The license year for a licensee begins on July 1 and ends on June 30 of each year.
All licenses issued remain in full force until surrendered, revoked or suspended.
A license remains the property of this state. On termination at the request of the licensee or revocation by the superintendent, the licensee shall immediately deliver the license to the superintendent. Termination of the license does not affect any other liability of the licensee. If a licensee wishes to maintain more than one office location the licensee shall first obtain a branch office license for each branch office from the superintendent. The licensee shall submit an application in the form prescribed by the superintendent and pay the fee prescribed in section 6-126 for each branch office license.