This appointment is subject to senate confirmation and, according to statute, runs for a four year term. The current superintendent, Richard C. Houseworth, began his second term in January 1997. Mr. Houseworth came to his post after several assignments in the federal government and a long career as a banker in the state. Prospective licensees must submit an application with a completed personal history statement. Department personnel review the application for conformity with statutory requirements.
Several industries have special requirements.
For example, such institutions as banks, credit unions and savings and loan associations are required to have sufficient start-up capital, as determined by the superintendent. Moreover, these companies are subject to a more rigorous review because they hold deposits. Mortgage brokers are the only type of licensee subject to testing. Supervision for the most part refers to examinations. However, it also involves responding to any questions licensees may have and keeping them informed of regulatory changes the Department is planning.