(a) A license may only be issued if the department determines that each director, officer, and controlling person of the applicant is
(1) of good character and sound financial standing;
(2) competent to perform the director's or officer's functions for the applicant; and
(3) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.
(b) The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases the department may use to make that determination include proof that the director, officer, or controlling person, or a director or officer of a controlling person has
(1) had an administrative sanction imposed under 31 U.S.C. 3801 - 3812 (Program Fraud Civil Remedies Act of 1986) for an offense under 15 U.S.C. 645; or
(2) been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645; in this paragraph, "conviction" includes a conviction based on a guilty plea or plea of nolo contendere.
Section: Previous 10.13.010 10.13.020 10.13.030 10.13.040 10.13.050 10.13.060 10.13.070 10.13.080 10.13.090 10.13.100 NextLast modified: November 15, 2016