Sec 6-707. Issuance of license; display; cancellation on termination

A. Upon the filing of the application and the payment of the fees and the approval of the bond, or bonds, the superintendent shall investigate the facts, and if he finds that the financial responsibility, experience, character and general fitness of the applicant are such as to command the confidence of the community to warrant belief that the business will be operated fairly and honestly and within the purposes of this article, the superintendent shall issue the applicant a license to do business as a debt management company.

B. The license shall be kept conspicuously posted in the business office of the licensee. The license shall not be transferable or assignable.

C. Licenses shall expire on June 30 following the date of the issuance unless sooner surrendered, revoked or suspended, but may be renewed by filing an application with the superintendent on or before June 15 each year. The application for renewal shall be in the form prescribed by the superintendent and shall be accompanied by the fee prescribed in section 6-126. A separate application shall be made for each initial license of a principal place of business, agency or branch office.