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Session Laws, 1937
Volume 412, Page 715   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 715

5. If in the opinion of the Commissioner of Loans the bond
shall at any time appear to be insecure or exhausted, or other-
wise doubtful, an additional bond in the sum of not more
than one thousand dollars ($ 1, 000) satisfactory to the Com-
missioner of Loans shall be filed and upon failure of the
obligor to file such additional bond, the license shall be re-
voked by the Commissioner of Loans.

6. The Commissioner of Loans may, upon notice to the
licensee and reasonable opportunity to be heard, revoke such
license if the licensee has violated any provision of this Arti-
cle; and in case the licensee shall be convicted by a Court a
second time of a violation of section fourteen (14) of this
Article, the Commissioner of Loans shall revoke such license;
provided that the second offense shall have occurred after a
prior conviction, in which case another license shall not be
issued to such licensee.

8. No person, co-partnership, or corporation so licensed
shall make any loan or transact any business provided for by
this Article, under any other name, or at any other place of
business, than that named in the license. Not more than one
place of business shall be maintained under the same license,
but the Commissioner of Loans may issue more than one
license to the same licensee upon the payment of an addi-
tional license fee and the filing of an additional bond for
each license.

9. Whenever the licensee shall change his place of busi-
ness, he shall at once give written notice thereof to the
Commissioner of Loans, who shall attach to the license his
consent in writing to such change.

10. The Commissioner of Loans, for the purpose of dis-
covering violations of this Article, may either personally
or by any person designated by him, at any time and
as often as he may desire, investigate the loans and
business of every licensee and of every person, co-partnership,
and corporation by whom or for which any such loan shall be
made, whether such person, co-partnership, or corporation
shall act, or claim to act as principal, agent, or broker, or
under, or without the authority of this Article; and for that
purpose he shall have free access to the books, papers, records,
safes and vaults of all such persons, co-partnerships and corpo-
rations; he shall also have authority to examine, under oath,
all persons whomsoever, whose testimony he may require,
relative to such loans or business.

11. The licensee shall keep such books and records as in
the opinion of the Commissioner of Loans will enable the

 

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Session Laws, 1937
Volume 412, Page 715   View pdf image (33K)
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