(1) Upon reasonable notice and opportunity to be heard, the Board may deny the application for a finance lender or broker license for any of the following reasons:(1) A false statement of a material fact has been made in the application.(2) The applicant or an officer, director, general partner, person responsible for the applicant’s lending activities in the Territory, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has, within the last 10 years, been convicted of or pleaded nolo contendere to a crime, or committed an act involving dishonesty, fraud, or deceit, if the crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with this chapter.(3) The applicant or an officer, director, general partner, person responsible for the applicant’s lending activities in the Territory, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has violated any provision of this chapter or the regulations under this chapter, or any similar regulatory scheme of the Virgin Islands or a foreign jurisdiction.(4) The application is considered withdrawn within the meaning of this section if the applicant fails to respond to a written notification of a deficiency in the application by 30 days after the date of the notification.(5) The Board shall either issue or deny the license not later than 90 days from the filing of a full and complete application for a license with the required fees.
(1) A false statement of a material fact has been made in the application.
(2) The applicant or an officer, director, general partner, person responsible for the applicant’s lending activities in the Territory, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has, within the last 10 years, been convicted of or pleaded nolo contendere to a crime, or committed an act involving dishonesty, fraud, or deceit, if the crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with this chapter.
(3) The applicant or an officer, director, general partner, person responsible for the applicant’s lending activities in the Territory, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has violated any provision of this chapter or the regulations under this chapter, or any similar regulatory scheme of the Virgin Islands or a foreign jurisdiction.
(4) The application is considered withdrawn within the meaning of this section if the applicant fails to respond to a written notification of a deficiency in the application by 30 days after the date of the notification.
(5) The Board shall either issue or deny the license not later than 90 days from the filing of a full and complete application for a license with the required fees.