TITLE XXXVI
PAWNBROKERS AND MONEYLENDERS

CHAPTER 399-A
REGULATION OF SMALL LOANS, TITLE LOANS, AND PAYDAY LOANS

Section 399-A:5

    399-A:5 License Grant and Renewal. –
I. Upon the filing of the complete application, payment of the required application fee, and completion of a pre-licensing investigation by the department, the commissioner shall issue a license to the applicant and to the applicant's branches to engage in the business of a small loan lender if the commissioner determines that:
(a) The applicant's financial resources and responsibility, experience, character and general fitness, personnel, and record of past or proposed conduct warrant the public's confidence; and that
(b) The business will be operated lawfully, honestly, and fairly within the provisions of this chapter.

[Paragraph II effective until October 1, 2027; see also paragraph II set out below.]


II. A licensee may renew its license by paying the required annual fee of $450 for the principal license and $450 for each branch office license to the banking department on or before December 31 for the ensuing year that begins on January 1 if the licensee:
(a) Holds a valid license under this section; and
(b) Is in compliance with this chapter and the rules adopted pursuant to this chapter.

[Paragraph II effective October 1, 2027; see also paragraph II set out above.]


II. A licensee may renew its license by paying the required annual fee of $1,000 for the principal license and $750 for each branch office license to the banking department on or before December 31 for the ensuing year that begins on January 1 if the licensee:
III. Failure to renew the license shall result in the license terminating on December 31.
IV. No license shall be issued to any person whose principal place of business is located outside of this state unless that person designates an agent residing within this state for service of process.
V. The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.

Source. 2015, 73:1, eff. Jan. 1, 2016. 2024, 368:4, eff. Oct. 22, 2024. 2026, 294:24, eff. Oct. 1, 2027.