The commission shall not issue a license to an applicant, unless that applicant meets the following qualifications:

1. I. If the applicant is a proprietorship, the applicant shall be:

   1. (a) At least 21 years of age.
   2. (b) A citizen of the United States.
   3. (c) A resident of the state.

2. II. If the applicant is a partnership or association, all persons having an interest in the partnership or association shall be:

   1. (a) At least 21 years of age.
   2. (b) A citizen of the United States.
   3. (c) A resident of the state.

3. III. If the applicant is a corporation, it shall be incorporated under the laws of the state and shall have been authorized to transact business in the state.

   III-a. If the applicant is a limited liability company, the applicant shall be organized under the laws of this state or authorized to transact business within the state.

4. IV. Any retail licensee, whether proprietorship, partnership, limited liability company, or corporation shall only be approved to establish one retail agency store.

Source. 1991, 320:3. 1995, 139:3, 4, eff. July 1, 1995.