31-1-705. License -- application requirements -- business locations. (1) A person may not engage in or offer to engage in the business of making deferred deposit loans unless licensed by the department. A license may be granted to a person located within the state or to a person located outside of the state who uses the internet, facsimiles, or third persons to conduct transactions with consumers in this state.
     (2) An applicant for a license to engage in the business of making deferred deposit loans shall pay to the department a license application fee of $500.
     (3) The application for licensure must be in writing, under oath, and in the form prescribed by the department. The application must contain:
     (a) the name of the applicant;
     (b) the date of formation if a business entity;
     (c) the physical address of each deferred deposit loan office to be operated by the applicant;
     (d) the name and resident address of the owner or partners or, if a corporation or association, of the directors, trustees, and principal officers; and
     (e) any other pertinent information that the department may require.
     (4) A license may not be issued for longer than 1 year. The license year must coincide with the calendar year, and the license fee for any period less than 6 months is $250.
     (5) Each licensee shall post a bond in the amount of $10,000 for each location. The bond must continue in effect for 2 years after the licensee ceases operation in the state. The bond must be available to pay damages and penalties to consumers harmed by any violation of this part.
     (6) More than one place of business may not be maintained under the same license, but the department may issue more than one license to the same licensee upon compliance with the provisions of this section governing issuance of a single license.

     History: En. Sec. 5, Ch. 404, L. 1999; amd. Sec. 3, Ch. 81, L. 2001; amd. Sec. 1, Ch. 119, L. 2005; amd. Sec. 4, Ch. 451, L. 2007; amd. Sec. 4, Ch. 81, L. 2009.