Page:United States Statutes at Large Volume 70.djvu/1093

 70 S T A T. ]

PUBLIC LAW 982-AUG. 6, 1956

10S7

place where such business is to be conducted, and (4) such additional information as the Commissioners may prescribe. (c) Each applicant shall prove to the satisfaction of the Commissioners that he has available, for use in the business of making loans authorized by this Act at the location specified in his application, cash capital of at least $20,000. (d) Upon the filing of any such application the applicant shall pay to the Commissioners the sum of $50 as a fee for investigating the application, which sum shall be retained by the District whether such application is approved or disapproved. BOND PROVISIONS

SEC. 4. (a) Each applicant shall file with his application a bond running to the District in the sum of $5,000 with two or more sufficient sureties, whose liability as such securities shall not exceed the said sum in the aggregate; except that the execution of any such bond by a fidelity or surety company authorized by the laws of the United States to transact business in the District shall be equivalent to the execution thereof by two sureties, but such company, if excepted to, shall justify in the manner required by law of fidelity and surety companies. Such bond shall be approved by the Commissioners and conditioned upon the compliance by the applicant with all the provisions of this title and all rules and regulations lawfully made pursuant thereto. Any person injured by the noncompliance with any such provision, rule, or regulation by any licensee under this Act may maintain a suit in his own name in any court of competent jurisdiction and recover on the bond such damages as shall be adjudged by such court together with costs of such suit. Recovery upon any such bond shall not preclude recovery against such licensee for any liability in excess of the amount recovered upon the bond, and such recovery shall not be held to extinguish any remedy under other law. (b) The bond or bonds which the licensee is required to file hereunder shall be renewed and refiled annually at the time of making payment of the annual license fee. If the Commissioners shall find that any such bond has for any reason become insecure or exhausted, an additional bond in the sum of not more than $5,000 shall be filed by the licensee within ten days after written demand therefor by the Commissioners.

Renewal.

ISSUANCE o r LICENSE

5. (a) If the Commissioners approve the bond filed by the applicant and the form of the application, and find after investigation (1) that the financial responsibility, experience, character, and general fitness of such applicant, and of the members thereof if the applicant is a firm or voluntary association, and of the officers and directors thereof if the applicant is a joint-stock company, incorporated society, or corporation are such as to command the confidence of the community and to warrant the belief that the business of the applicant will be operated honestly, fairly, and efficiently in accordance with the purposes of this Act; (2) that permitting such applicant to engage in such business will promote the convenience and advantage of the community; and (3) that the applicant has available for use in such business at the location specified in the application cash capital of at least $20,000, the Commissioners shall, upon payment by the applicant of a license fee of $500, issue to the applicant a license to make such loans in accordance with the provisions of this Act at the location specified in such application; except that if any such license is issued after the thirtieth day of April of any year the fee S]EJC.

License fee.

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