{"law_id":"769380","section_number":"38.2-4702","catch_line":"Investigation of applicant; issuance of license","history":"1964, c. 147, \u00a7 38.1-737; 1981, c. 107; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-4702\/","refers_to":false,"url":"\/38.2-4702\/","token":"38.2\/47\/38.2-4702","structure":{"1":{"id":"1820","name":"Insurance Premium Finance Companies","identifier":"47","label":"chapter","url":"\/38.2\/47\/"},"2":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"769380","structure_id":"1820","full_text":"Upon the filing of an application and the payment of the application fee, the Commission shall make an investigation of the applicant. The Commission shall issue a license, expiring on June 30 immediately following the date of issuance, if it finds that (i) the application is in proper form and the required fee has been paid; (ii) the financial responsibility, experience, character, and general fitness of the applicant indicate that the business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter, the same criteria being applicable to members of the applicant if the applicant is a partnership or association and to officers and directors of the applicant if the applicant is a corporation; (iii) if the applicant is a corporation, it is a corporation of this Commonwealth or a foreign corporation that has a certificate of authority to transact business in this Commonwealth; and (iv) the applicant has assets equal to or greater than its liabilities and has working capital sufficient for the operation of its business.","text":{"0":{"id":"2480005","text":"Upon the filing of an application and the payment of the application fee, the Commission shall make an investigation of the applicant. The Commission shall issue a license, expiring on June 30 immediately following the date of issuance, if it finds that (i) the application is in proper form and the required fee has been paid; (ii) the financial responsibility, experience, character, and general fitness of the applicant indicate that the business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter, the same criteria being applicable to members of the applicant if the applicant is a partnership or association and to officers and directors of the applicant if the applicant is a corporation; (iii) if the applicant is a corporation, it is a corporation of this Commonwealth or a foreign corporation that has a certificate of authority to transact business in this Commonwealth; and (iv) the applicant has assets equal to or greater than its liabilities and has working capital sufficient for the operation of its business.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"1820","name":"Insurance Premium Finance Companies","identifier":"47","label":"chapter","url":"\/38.2\/47\/"},"2":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"767132","structure_id":"1820","section_number":"38.2-4700","catch_line":"What persons deemed insurance premium finance companies","url":"\/38.2-4700\/","token":"38.2\/47\/38.2-4700"},"1":{"id":"789074","structure_id":"1820","section_number":"38.2-4701","catch_line":"License required; application; fee","url":"\/38.2-4701\/","token":"38.2\/47\/38.2-4701"},"2":{"id":"769380","structure_id":"1820","section_number":"38.2-4702","catch_line":"Investigation of applicant; issuance of license","url":"\/38.2-4702\/","token":"38.2\/47\/38.2-4702"},"3":{"id":"775868","structure_id":"1820","section_number":"38.2-4703","catch_line":"Renewal of license","url":"\/38.2-4703\/","token":"38.2\/47\/38.2-4703"},"4":{"id":"781106","structure_id":"1820","section_number":"38.2-4704","catch_line":"Suspension, revocation or failure to renew license; imposition of penalty","url":"\/38.2-4704\/","token":"38.2\/47\/38.2-4704"},"5":{"id":"772574","structure_id":"1820","section_number":"38.2-4705","catch_line":"Maximum interest rate and maximum service charge on premium finance agreement","url":"\/38.2-4705\/","token":"38.2\/47\/38.2-4705"},"6":{"id":"770676","structure_id":"1820","section_number":"38.2-4706","catch_line":"Default charge; bad check charge","url":"\/38.2-4706\/","token":"38.2\/47\/38.2-4706"},"7":{"id":"775657","structure_id":"1820","section_number":"38.2-4707","catch_line":"Forms of premium finance agreements and related forms to be approved by Commission; false or misleading statements or omissions prohibited","url":"\/38.2-4707\/","token":"38.2\/47\/38.2-4707"},"8":{"id":"777470","structure_id":"1820","section_number":"38.2-4708","catch_line":"Examination of books and records of company; bond; rules and regulations; order by Commission to remedy concerns","url":"\/38.2-4708\/","token":"38.2\/47\/38.2-4708"},"9":{"id":"773369","structure_id":"1820","section_number":"38.2-4709","catch_line":"Disposition of license and other fees","url":"\/38.2-4709\/","token":"38.2\/47\/38.2-4709"},"10":{"id":"770204","structure_id":"1820","section_number":"38.2-4710","catch_line":"Penalty for engaging in business without license","url":"\/38.2-4710\/","token":"38.2\/47\/38.2-4710"},"11":{"id":"779616","structure_id":"1820","section_number":"38.2-4711","catch_line":"Exemptions","url":"\/38.2-4711\/","token":"38.2\/47\/38.2-4711"},"12":{"id":"767917","structure_id":"1820","section_number":"38.2-4712","catch_line":"Validity of secured transactions","url":"\/38.2-4712\/","token":"38.2\/47\/38.2-4712"}},"previous_section":{"id":"789074","structure_id":"1820","section_number":"38.2-4701","catch_line":"License required; application; fee","url":"\/38.2-4701\/","token":"38.2\/47\/38.2-4701"},"next_section":{"id":"775868","structure_id":"1820","section_number":"38.2-4703","catch_line":"Renewal of license","url":"\/38.2-4703\/","token":"38.2\/47\/38.2-4703"},"references":false,"formats":{"txt":"\/38.2-4702.txt","json":"\/38.2-4702.json","xml":"\/38.2-4702.xml"},"dublin_core":{"Title":"Investigation of applicant; issuance of license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4702","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nINVESTIGATION OF APPLICANT; ISSUANCE OF LICENSE (\u00a7 38.2-4702)\n\nUpon the filing of an application and the payment of the application fee, the\nCommission shall make an investigation of the applicant. The Commission shall\nissue a license, expiring on June 30 immediately following the date of issuance,\nif it finds that (i) the application is in proper form and the required fee has\nbeen paid; (ii) the financial responsibility, experience, character, and general\nfitness of the applicant indicate that the business will be operated lawfully,\nhonestly, fairly and efficiently within the purpose of this chapter, the same\ncriteria being applicable to members of the applicant if the applicant is a\npartnership or association and to officers and directors of the applicant if the\napplicant is a corporation; (iii) if the applicant is a corporation, it is a\ncorporation of this Commonwealth or a foreign corporation that has a certificate\nof authority to transact business in this Commonwealth; and (iv) the applicant\nhas assets equal to or greater than its liabilities and has working capital\nsufficient for the operation of its business.\n\nHISTORY: 1964, c. 147, \u00a7 38.1-737; 1981, c. 107; 1986, c. 562."}