§ 5-5.1-10 - Grounds for denial of application for license or renewal of license. - Rhode Island Statutes

SECTION 5-5.1-10

   § 5-5.1-10  Grounds for denial ofapplication for license or renewal of license. – The attorney general shall deny the application for or renewal of a license ifhe or she finds that the applicant, or the qualifying agent, or any of theapplicant's partners, officers, generals, or shareholders owning a ten percent(10%) or greater interest in the applicant, provided the applicant is not apublicly traded corporation, does any of the following:

   (1) Violates any provisions of this chapter or rules andregulations promulgated under this chapter;

   (2) In the case of the qualifying agent, commits any actwhich would disqualify the qualifying agent under § 5-5.1-8 and in thecase of the applicant, or applicant's partners, officers, generals, orshareholders owning a ten percent (10%) or greater interest in the applicant,provided the licensee is not a publicly traded corporation, has failed to meetthe qualifications of § 5-5.1-8;

   (3) Practices fraud, deceit or misrepresentation;

   (4) Makes a material misstatement in the application for orrenewal of a license; and

   (5) Demonstrates incompetence or untrustworthiness in actionsaffecting the conduct of the business required to be licensed under the chapter.