Contents 449-1 Definitions 449-1.5 Applicability of chapter 449-1.6 Name of escrow depository 449-1.7 Indicia of escrow depository prohibited 449-1.8 Confidential portion of application or records 449-1.9 Powers of commissioner 449-2 Rules 449-3 Excepted from this chapter 449-4 Administrative penalty 449-5 License required to act as escrow depository 449-5.5 Net capital 449-6 Application for license 449-7 Investigation and ruling 449-7.4 Grant of approval 449-7.5 Licensing requirements 449-8 Issuance and renewal of license 449-8.5 Denial of license 449-8.6 Sale or transfer of license or change in control 449-9 Escrow depository's bond 449-10 Suit on bond 449-11 Fidelity bonds; deposit 449-12 Errors and omissions insurance; deposit 449-13 Cancellation of bonds or insurance; withdrawal of deposits 449-14 Fees 449-15 Audited statements 449-16 Accounting for moneys, property, etc. 449-16.5 Earnings on funds 449-17 Revocation and suspension of licenses 449-18 Repealed 449-19 Relocation of office 449-20 Branch offices 449-20.5 Closing branch office 449-21 Maintenance of books and records 449-22 Examinations 449-23 Removal of officers or directors 449-24 Termination of escrow depository operations

     [§449-7.4]  Grant of approval.  (a)  Following the hearing on the application, if any, the commissioner shall issue a written decision and order.  If the commissioner decides in favor of the application, the commissioner shall issue a license to act as an escrow depository pursuant to section 449-8.

     (b)  Approval shall be granted only if the commissioner finds that the character, financial responsibility, experience, ability, and general fitness of the officers and directors are such as to command the confidence of the community in the State and to warrant the beliefs that the officers and directors are competent to successfully manage an escrow business and the applicant will be an honest and efficient escrow depository.

     (c)  In granting approval, the commissioner may impose such conditions and restrictions as shall be in the public interest, including without limitation requiring an applicant to fulfill representations contained in its application and agreements made during the application process. [L 1992, c 205, pt of §1]