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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 365

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  *365.030.  Sales finance company, license required — exceptions — application — fee. — 1.  No person shall engage in the business of a sales finance company in this state without a license as provided in this chapter; except, that no bank, trust company, savings and loan association, loan and investment company or registrant under the provisions of sections 367.100 to 367.200 authorized to do business in this state is required to obtain a license under this chapter but shall comply with all of the other provisions of this chapter.

  2.  The application for the license shall be in writing, under oath and in the form prescribed by the director.  The application shall contain the name of the applicant; date of incorporation, if incorporated; the address where the business is or is to be conducted and similar information as to any branch office of the applicant; the name and resident address of the owner or partners or, if a corporation or association, of the directors, trustees and principal officers, and such other pertinent information as the director may require.

  3.  The license fee for each calendar year or part thereof shall be the sum of five hundred dollars for each place of business of the licensee in this state.  The director may establish a biennial licensing arrangement but in no case shall the fees be payable for more than one year at a time.

  4.  Each license shall specify the location of the office or branch and must be conspicuously displayed there.  In case the location is changed, the director shall either endorse the change of location on the license or mail the licensee a certificate to that effect, without charge.

  5.  Upon the filing of the application, and the payment of the fee, the director shall issue a license to the applicant to engage in the business of a sales finance company under and in accordance with the provisions of this chapter for a period which shall expire the last day of December next following the date of its issuance.  The license shall not be transferable or assignable.  No licensee shall transact any business provided for by this chapter under any other name.

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(L. 1963 p. 466 § 3, A.L. 1986 H.B. 1195, A.L. 2003 S.B. 346, A.L. 2015 H.B. 587 merged with S.B. 345)

Effective 8-28-15 (H.B. 587)

*10-16-15 (S.B. 345), see § 21.250.  S.B. 345 was vetoed July 7, 2015. The veto was overridden September 16, 2015.


---- end of effective   28 Aug 2015 ----

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365.030 8/28/2015
365.030 8/29/1957 8/29/1957

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