CMP.2.4.030 Licenses – Review, Issuance and Denial, Term

(a) Generally, Substance, and Classification. Subject to this Code, the Authority may issue Licenses that authorize a Licensee to provide all types of Consumer Financial Services or a limited-purpose License that only authorizes certain types of Consumer Financial Services.

(b) Temporary License. The Authority may in its discretion issue a temporary License after submission of a completed application and a preliminary determination of suitability by the Authority.

(c) Automatic Issuance. A Consumer Financial Services License shall automatically issue if the following criteria are met:

(1) The Applicant complied with the provisions of Section CMP.2.4.020 of this Code; and

(2) Within (10) prior years from the date of the Application, no Controlling Person or natural Person identified on the Application has been, in any jurisdiction, convicted of a felony or convicted of any other crime involving breach of trust or dishonesty; been convicted or entered a plea of no contest of any felony or entered a plea of no contest related to any other crime involving breach of trust or dishonesty ; had an order entered by an administrative agency finding conduct that involved fraud, deceit or misrepresentation, or other misconduct related to financial services;; or had a financial judgment ordered in a civil action finding fraud, deceit or misrepresentation, or other misconduct related to financial services; and

(3) The Consumer Financial Services are authorized pursuant to this Code; and,

(4) The Consumer Financial Services are authorized by a Governing Board Resolution; and

(5) The Tribe has the sole ownership interest in the Applicant that will provide the Consumer Financial Services.

(d) Issuance. Upon completion of any necessary background investigation and/or verifications, the Authority may issue a License on a conditional or unconditional basis. The Authority shall not unreasonably withhold issuance or renewal of a License.

(e) Denial. The Authority, when it does not license an Applicant shall notify the Applicant in writing, provide the basis for the denial of the License, and otherwise comply with the procedural requirements of as provided in Section CMP.2.4.040 of this Code. The Authority shall have the final word on whether to license an Applicant. Any denial may be appealed as described herein.

(f) Term. Any License issued pursuant to this section shall be effective for a period of two (2) years from the date of issuance. A temporary License may be for such period of time as determined by the Authority.

(g) Display and Format. The License shall be presented as a certificate which shall bear on its face the name of the Licensee, the Tribal Logo, the issue date, the License number, and the applicable classification of the License. Each License shall specify its scope. Each Licensee must display the License number on its Consumer website, if applicable.

(h) Record Retention. The Authority shall maintain the Applicant's file, including Applications, background investigation reports, and eligibility determination reports for no less than three (3) years from the date of termination of employment.

(i) Nothing herein creates a property right in a License.