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administrator in an amount not to exceed $50,000. The terms | | of the bond must run concurrent with the period of time during | | which the license will be in effect. The bond must run to the | | State for the use of the State and of any person or persons | | who may have a cause of action against the licensee under this | | Act. The bond must be conditional that the licensee will | | faithfully conform to and abide by the provisions of this Act | | and to all rules lawfully made by the administrator under this | | Act and will pay to the State and to any such person or | | persons any and all amounts of money that may become due or | | owing to the State or to such person or persons from the | | licensee under and by virtue of this Act during the period for | which the bond is given; |
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| | | B. As used in this section, the term "financial | | responsibility" means that the applicant has available for | | the operation of the licensed business net assets of at | | least $25,000 and upon issuance of a license, each licensee | shall maintain net assets of at least $25,000 which | | either used or readily available for use in the conduct of | | the business of each office of the licensee in which | | supervised loans are made. |
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| | | D. In determining the financial responsibility of a | | nonprofit organization engaged in the financing of housing | | for low-income people under a program specifically designed | | for that purpose, the administrator may waive the | | requirement of a bond and availability of $25,000 of net | | assets, if the applicant submits appropriate additional | | evidence of financial responsibility. |
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| | | Sec. 4. 9-A MRSA §2-302, sub-§3, as enacted by PL 1973, c. 762, §1, is | | amended to read: |
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| | | 3. Upon written request, the applicant is entitled to a | hearing on the question of his | | a license or registration if (a) the administrator has notified | the applicant in writing that his | | denied, or (b) the administrator has not issued a license or | | registration within 60 days after the application for the license | | or registration was filed. A request for a hearing may not be | | made more than 15 days after the administrator has mailed a | writing to the applicant notifying him | | application has been denied and stating in substance the | | administrator's findings supporting denial of the application. |
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| | | Sec. 5. 9-A MRSA §2-302, sub-§5-A is enacted to read: |
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| | | 5-A.__A licensee may conduct the business of making supervised | | loans only through a loan officer who possesses a |
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