Section 59A.04 Action by Commissioner on Application - Minnesota Statutes

59A.04 ACTION BY COMMISSIONER ON APPLICATION.

Subdivision 1.Investigation and hearing.

Upon the filing of an initial application and the payment of the license fee, the commissioner shall make an investigation of each applicant. If a license has not been issued within 30 days after receipt of the application the commissioner shall, at the request of the applicant, give the applicant a full hearing.

Subd. 2.License issued.

The commissioner shall issue or renew a license when satisfied that the person to be licensed:

(a) is competent and trustworthy and intends to act in good faith in the financing of insurance premiums;

(b) has a good business reputation and has had experience, training or education so as to be qualified in financing insurance premiums; and

(c) if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.

History:

1974 c 353 s 4; 1986 c 444