Circumstances under which Commissioner is authorized to refuse to issue license.
1. The Commissioner may refuse to issue a license to act as an intermediary if, in his judgment:
(a) The applicant, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy to act as an intermediary;
(b) Any controlling person of the applicant is not trustworthy to act as an intermediary;
(c) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has given cause for the revocation or suspension of a license to act as an intermediary; or
(d) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has failed to comply with any prerequisite for the issuance of a license to act as an intermediary.
2. Upon receipt of a written request, the Commissioner shall furnish a summary of the basis for his refusal to issue a license to act as an intermediary. The summary is confidential.
Last modified: February 27, 2006