New Hampshire § 399-D-5 - Section 399-D:5 License Grant and Renewal.

§ 399-D-5. Section 399-D:5 License Grant and Renewal.

I. Upon the applicant's filing of the complete application, and payment of the required fee, the commissioner shall have, in accordance with RSA 541-A:29, up to 120 days to investigate and determine whether the applicant's financial resources, experience, personnel, and record of past or proposed conduct warrant the public's confidence and the issuance of a license. II. If the commissioner determines that the applicant meets the requirements of this chapter, then the commissioner shall issue a license permitting the applicant to engage in the business of debt adjustment in accordance with the laws of this state. III. Each license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee and, if the license is a branch office license, the name and address of the branch office location for which the license is issued. IV. If a licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, and employees, to engage in the business of debt adjustment; provided that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license as the individual to be contacted for purposes of this chapter. V. If the licensee is a natural person, the license shall entitle all employees of the licensee to engage in the business of debt adjustment. For purposes of this paragraph, employee shall not include an independent contractor. VI. A license issued under this chapter shall not be transferable or assignable between persons without obtaining the approval of the commissioner before the assignment or transfer. VII. Each license shall remain in force until it has been surrendered, revoked, or suspended in accordance with the provisions of this chapter, or expires in accordance with the provisions of this chapter. Each license shall expire on December 31 of each calendar year. VIII. If a person holds a valid license under this section and is in compliance with this chapter and the rules pursuant to this chapter, such licensee may renew the license by paying the required fee to the department on or before December 31 for the ensuing year that begins on January 1. Failure to renew the license shall result in the license terminating on December 31. VIII-a. 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. IX. A renewal fee shall be submitted with the application for renewal as follows: (a) $500 for the principal office license; and (b) $500 for each branch office.