AI-assisted research summary: Applicants and licensees must meet a $25,000 minimum net worth per location, and applicants must also satisfy good-standing, business-qualification, and fitness requirements.
Each applicant for a license shall demonstrate, and each licensee shall maintain, a minimum net worth of at least twenty-five thousand dollars ($25,000) for each location. Every corporate applicant, at the time of filing an application for a license under this part and at all times after a license is issued, shall be in good standing in the state of its incorporation. All applicants, whether corporate or noncorporate, at the time of filing an application for a license under this part and at all times after a license is issued, shall be qualified to do business in this state. Subject to the commissioner's discretion, no person shall be licensed under this chapter to do business in the state if the person has been adjudged guilty of any felony or if an executive officer, key shareholder or director of the person has been so adjudged. For purposes of this part, a person shall be deemed to have been convicted of a crime if the person has either pleaded guilty to, pled nolo contendere to, obtained a pretrial diversion or been found guilty of a charge before a court or federal magistrate, or by the verdict of a jury, regardless of the pronouncement of sentence or the suspension of the sentence. The department may take into consideration the fact that the plea of guilty, or the decision, judgment, or verdict, has been set aside, reversed, or otherwise abrogated by lawful judicial process, or that the person convicted of the crime received a pardon from the jurisdiction where the conviction was entered, or received a certificate pursuant to any provision of law that removes the disability under this part because of the conviction. The department may deny an initial application for a license if the applicant is the subject of a pending criminal prosecution or governmental enforcement action, in any jurisdiction, until the conclusion of the criminal prosecution or enforcement action. All applicants shall demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated thereunder will be operated lawfully and fairly. This requirement is continuing in nature. In determining whether this qualification has been met, the commissioner may review: The business records and the capital adequacy of the applicant; The competence, experience, integrity, and financial ability of any person who is a director, officer, supervisory employee or five percent (5%) shareholder of the applicant or owns or controls the applicant; and Any record, on the part of the applicant or any person referenced in subdivision (e)(2) of any criminal activity, any fraud or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business. The commissioner may deny a license pursuant to this chapter to any applicant whose license or registration was revoked in any jurisdiction during the twelve-month period before the date of the application.