Section 361-A:5 - License Grant and RenewalI. Upon the filing of the complete application, payment of the required application fee, and completion of a pre-licensing investigation by the department, the commissioner shall issue a license to the applicant and to the applicant's branches to engage in the business of a sales finance company or retail seller if the commissioner determines that: (a) The applicant's financial resources and responsibility, experience, character and general fitness, personnel, and record of past or proposed conduct warrant the public's confidence; and(b) The business will be operated lawfully, honestly, and fairly within the provisions of this chapter.II.(a) In addition to any other requirement under this chapter, a sales finance company may renew its license by paying an annual fee of $350 for the principal office license and $100 for each branch office license to the department if the licensee:(1) Holds a valid license under this section; and(2) Is in compliance with this chapter and the rules adopted pursuant to this chapter.(b) In addition to any other requirement under this chapter, a retail seller may renew its license by paying an annual fee of $50 for the principal office license and $30 for each branch office license to the department if the licensee:(1) Holds a valid license under this section; and(2) Is in compliance with this chapter and the rules adopted pursuant to this chapter.III. The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. Licenses issued pursuant to this chapter shall be renewed annually. The renewal term shall be for a period of 1 year and shall begin on January 1 of each year after the initial license term and shall expire on December 31 of the year the renewal term begins.IV. A license issued under this chapter shall not be transferable or assignable without obtaining the approval of the commissioner before the assignment or transfer.Amended by 2024, 330:1, eff. 7/1/2024.1961, 193:1. 1997, 322:9. 2003, 129 : 9 . 2004, 141 : 2 . 2005, 255 : 40 , 41, eff. Sept. 12, 2005.