Code of the District of Columbia

§ 47–2884.05. License—Issuance; fee; contents; display; transferability; change of place or business.

(a) If the Mayor approves the bond filed by the applicant and the form of the application, and finds after investigation: (1) that the financial responsibility, experience, character, and general fitness of such applicant, and of the members thereof if the applicant is a firm or voluntary association, and of the officers and directors thereof if the applicant is a joint-stock company, incorporated society, or corporation are such as to command the confidence of the community and to warrant the belief that the business of the applicant will be operated honestly, fairly, and efficiently in accordance with the purposes of this part; (2) that permitting such applicant to engage in such business will promote the convenience and advantage of the community; and (3) that the applicant has available for use in such business at the location specified in the application cash capital of at least $20,000, the Mayor shall, upon payment by the applicant of a license fee of $800, issue to the applicant a license to make such loans in accordance with the provisions of this part at the location specified in such application; except that if any such license is issued after the 30th day of April of any year the fee for such license shall be $250. If the Mayor does not so find after investigation he shall notify the applicant thereof and return the bond filed with the application. Within 60 days from the date of filing the application for license, accompanied by the investigation fee and bond required by this part, the Mayor shall either issue or refuse to issue such license, but no applicant shall be denied a license until after a due hearing by the Mayor, at which the applicant shall have a reasonable opportunity to be heard and to produce evidence in support of his application. If the application be denied, the Mayor shall within 20 days thereafter prepare a written decision and findings with respect thereto containing a summary of the evidence and the reasons supporting the denial and forthwith serve upon the applicant a copy thereof.

(b) Each license issued under this part shall state fully the name of the licensee and the place at which the business is to be conducted under such license. Such license shall be kept conspicuously posted in such place of business. No such license shall be transferable or assignable. Not more than 1 place of business shall be maintained under the same license, but the Mayor may issue more than 1 license to the same licensee upon compliance for each such license with all the provisions of this part applicable to the original issuance of licenses. Whenever a licensee shall desire to change his place of business to another location within the District he shall file an application for a new license in accordance with the provisions of § 47-2884.03.

(c) No licensee shall transact such business or make any loan provided for by this part under any other name or at any other place of business than that named in the license.