Idaho State Statutes - Idaho Attorney Directory

(1) No application
for license shall be denied if the administrator finds that:
(a) The financial responsibility, character, and fitness of the
applicant, and of the officers and directors thereof (if the applicant is
a corporation) are such as to warrant belief that the business will be
operated honestly and fairly within the purposes of this act; and
(b) The applicant has at least thirty thousand dollars ($30,000)
available for the purpose of making loans.
(2) The administrator is empowered to conduct investigations as he may
deem necessary, to enable him to determine the existence of the requirements
set out in subsections (1)(a) and (1)(b) of this section.
(3) The director may issue a license under this act to a mortgage lender
licensed under chapter 31, title 26, Idaho Code, and who is engaged in the
business described in subsection (1) or (2) of section 28-46-301, Idaho Code.
All provisions of this act, except subsections (1) and (2) of this section,
and subsection (5) of section 28-46-305, Idaho Code, shall apply to persons
seeking a license pursuant to this subsection.
(4) Upon written request, the applicant is entitled to a hearing on the
question of his qualifications for a license if:
(a) The administrator has notified the applicant in writing that his
application has been denied, or objections filed; or
(b) The administrator has not issued a license within sixty (60) days
after the application for the license was filed.
If a hearing is held, the applicant and those filing objections shall
reimburse, pro rata, the administrator for his reasonable and necessary
expenses incurred as a result of the hearing. A request for a hearing may not
be made more than fifteen (15) days after the administrator has mailed a
writing to the applicant notifying him that the application has been denied
and stating in substance the administrator's finding supporting denial of the
application or that objections have been filed and the substance thereof.
(5) The administrator may issue additional licenses to the same licensee
upon notification by the licensee, in the manner prescribed by the
administrator, and payment of the required fee. A separate license shall be
required for each place of business. Each license shall remain in full force
and effect until surrendered, suspended or revoked.
(6) No licensee shall change the location of any place of business, or
consolidate, or close any locations, without giving the administrator at least
fifteen (15) days' prior written notice. No licensee shall change the location
of any of his places of business to a location more than five (5) miles from
the original location or outside the original municipality, if any.
(7) A licensee shall not engage in the business of making regulated
consumer loans at any place of business for which he does not hold a license
nor shall he engage in business under any other name than that in the license.

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