§1165. Permit to organize
A. The commissioner of financial institutions may require additional information and conduct whatever investigation he deems necessary to determine whether to issue a permit to organize, including the subpoena of books and records, taking of public testimony, and conduct of hearings. The applicants shall share the expense of such investigations.
B. The commissioner shall find and declare, based on the record of application and his investigation, that:
(1) The proposed management, business plan, and capitalization promise to meet regulatory requirements;
(2) The application information is not in dispute;
(3) The proposed name is not deceptively similar to that of any other financial institution within an area defined by regulation of the commissioner; and
(4) The proposed business plan and capitalization promise to serve the needs of the community and its residents.
C. Insurance of accounts shall be effective prior to issuance of a certificate of complete organization.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
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