1. 1. Investigation Upon the filing of an application for registration, the administrator shall investigate the applicant with respect to:

   1. A. The business records and the capital adequacy of the person seeking the registration;

      [PL 1997, c. 155, Pt. A, §2 (NEW).]

   2. B. The competence, experience, integrity and financial ability of any individual who:

      1. (1) Is a director, officer or supervisory employee of the business; or

      2. (2) Owns or controls the business; and

         [PL 1997, c. 155, Pt. A, §2 (NEW).]

   3. C. The record of the applicant or of any person referenced in paragraph B with respect to:

      1. (1) Any criminal activity;
      2. (2) Any fraud or other act of personal dishonesty;
      3. (3) Any act, omission or practice that constitutes a breach of a fiduciary duty; or

      4. (4) Any suspension or removal, by any agency or department of the United States or any state, from participation in the conduct of any federally or state-licensed or regulated business.

         [PL 1997, c. 155, Pt. A, §2 (NEW).]

   [PL 1997, c. 155, Pt. A, §2 (NEW).]

2. 2. Grounds for denial If the investigation under subsection 1 results in findings that the applicant is not properly qualified to conduct business under this subchapter, those findings are grounds for denial of the application.

   [PL 1997, c. 155, Pt. A, §2 (NEW).]

PL 1997, c. 155, §A2 (NEW).