Page:1959 North Dakota Session Laws.pdf/243

DEBTOR AND CREDITOR same community or other person files an objection within thirty days after the mailing of such notice by the state examiner, or if as the result of a preliminary investigation, the state examiner has any doubts of the applicant meeting the required standards, the state examiner shall set a date and time for a hearing on such application not less than thirty days nor more than sixty days from the date of mailing the notice of hearing. At such hearing any person may be heard with reference to the facts. The state examiner shall grant or deny each application for a license within thirty days after the hearing unless the period is extended by written agreement between the applicant and the state examiner.

(b) The state examiner may issue a license to operate a small loans business if he shall find:

1. That the financial responsibility, experience, character, and general fitness of the applicant, are such as to warrant the belief that the business will be operated lawfully, and fairly; and

2. That the applicant has net liquid assets of at least ten thousand dollars for the operation of the business; and

3. That the applicant shall have filed with the state examiner a bond to be approved by him in which the applicant shall be the obligor, in the sum of ten thousand dollars, with one or more sureties whose liability as such sureties need not exceed the said sum in the aggregate. This bond shall run to the state examiner for the use of the state and of any person or persons who may have a cause of action against the obligor of said bond under the provisions of this Act. Such bond shall be conditioned that said obligor will faithfully conform to and abide by the provisions of this Act and of all the rules and regulations lawfully made by the state examiner hereafter, and will pay to the state and to any such person or persons any and all moneys that may become due or owing to the state or to such person or persons from said obligor under and by virtue of the provisions of this Act.

(c) If the state examiner shall find the applicant is not qualified to be issued a license, he shall enter an order denying the application and forthwith notify the applicant of the denial, returning the license fee and the bond but retaining the investigation fee. Within ten days after the entry of such an order he shall prepare official records of his finding and a summary of the evidence supporting them and shall forthwith deliver a copy thereof to the applicant.