41-4026. Issuance of a license

A. On receipt by the director of the nonrefundable fee required by this article and an application furnishing complete information as required by the director and on the applicant taking and passing the applicable examination required by section 41-4025, the director shall issue a conditional license to the applicant, pending completion of the background analysis, permitting the applicant to engage in business pursuant to this article for one year.

B. Pursuant to the agreement for conditional license, the applicant shall agree to a revocation of the conditional license if it appears, on review of the background analysis, that the applicant has misrepresented its background. The applicant shall also agree to waive any right the applicant may have to a stay of the effectiveness of any order of revocation of the conditional license, the right to notice of hearing and the right to a hearing before the revocation of the license.

C. The agreement for conditional license does not prohibit the applicant from making a written demand for a hearing on the order of revocation pursuant to chapter 6, article 10 of this title. Pending the hearing, the applicant shall not continue to transact business under the conditional license.

D. Depending on the results of the background analysis, the director may either revoke the conditional license or deem the license as granted without further condition.

E. License certificates issued pursuant to this article shall be signed by the director or the director's designated representative. The license is nontransferable and satisfactory evidence of the possession shall be exhibited by the licensee on demand. The license held by the licensee shall be posted in a conspicuous place on the premises where any business is being performed. The license number shall be written on any contract entered into by the licensee.

F. If an application for a license is denied or if the applicant fails to supply complete and correct required information within ninety days or fails to pass the required written examination within ninety days after filing or if an application for renewal is not completed by the expiration date or if any applicant requiring examination after having been notified by letter of the date to appear fails to appear for the examination within ninety days from the date of filing the application, the fee paid by the applicant on filing the application is forfeited and the application is terminated. A reapplication for a license shall be accompanied by the fee prescribed by the director.

G. If, before the issuance of the license, information brought to the attention of the director concerning the qualifications of the applicant is such that in the director's discretion it may be proper to deny the license, the director may notify the applicant that the license is denied and that the applicant may request in writing a hearing if the applicant so desires.

H. The licensee may not engage in the sale of units, either new or used, unless the licensee maintains an office where the records are available for inspection and the location is listed on the license application as the principal place of business.