38.2-4702 - Investigation of applicant; issuance of license. - Virginia Statutes

§ 38.2-4702. Investigation of applicant; issuance of license.

Upon the filing of an application and the payment of the application fee, theCommission shall make an investigation of the applicant. The Commission shallissue a license, expiring on June 30 immediately following the date ofissuance, if it finds that (i) the application is in proper form and therequired fee has been paid; (ii) the financial responsibility, experience,character, and general fitness of the applicant indicate that the businesswill be operated lawfully, honestly, fairly and efficiently within thepurpose of this chapter, the same criteria being applicable to members of theapplicant if the applicant is a partnership or association and to officersand directors of the applicant if the applicant is a corporation; (iii) ifthe applicant is a corporation, it is a corporation of this Commonwealth or aforeign corporation that has a certificate of authority to transact businessin this Commonwealth; and (iv) the applicant has assets equal to or greaterthan its liabilities and has working capital sufficient for the operation ofits business.

(1964, c. 147, § 38.1-737; 1981, c. 107; 1986, c. 562.)