| §16406.__Licensing of broker-dealers, agents, investment advisers | and |
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| investment adviser representatives |
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| | 1.__Application for initial license.__A person becomes | licensed as a broker-dealer, agent, investment adviser or | investment adviser representative by filing an application and a | consent to service of process complying with section 16611 and | paying the fee specified in section 16410 and any fees charged by | the designee of the administrator for processing the filing. The | application must contain: |
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| A.__The information or record required for the filing of a | uniform application; and |
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| B.__Upon request by the administrator, any other financial | or other information or record that the administrator | determines is appropriate. |
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| | 2.__Amendment.__If the information or record contained in an | application filed under subsection 1 is or becomes inaccurate or | incomplete in a material respect, the licensee shall promptly | file a correcting amendment. |
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| | 3.__Effectiveness of licensing.__If an order is not in effect | and a proceeding is not pending under section 16412,__a license | becomes effective no later than noon on the 45th day after a | completed application is filed, provided that all examination and | training requirements imposed under section 16412, subsection 5 | have been satisfied and provided that the license has not been | denied.__The administrator may authorize an earlier effective | date of licensing. |
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| | 4.__License renewal.__A license is effective until midnight on | December 31st of the year for which the application for licensing | is filed. Unless an order is in effect under section 16412, a | license may be automatically renewed each year by filing such | records as are required by the administrator, by paying the fee | specified in section 16410 and by paying costs charged by the | designee of the administrator for processing the filings. |
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| | 5.__Additional conditions or waivers.__A rule adopted or order | issued under this chapter may impose other conditions on | licensing or may waive, in whole or in part, specific | requirements in connection with licensing as are in the public | interest and for the protection of investors.__Rules adopted | pursuant to this section are routine technical rules as defined | in Title 5, chapter 375, subchapter 2-A. |
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