Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6053. Application for license; investigation; refusal or revocation of license

Every corporation or person, desiring to obtain a license under the provisions of this act, shall file with the commission, an application in writing in such form as may be prescribed by the commission. Before a license shall be issued by the commission, it shall make, or cause to be made, an investigation of the condition and affairs of the applicant and its general plan of operation. It shall investigate the moral character and general fitness of the applicant, if an individual, and of the members of a partnership or association, and of the directors, managers, trustees, and other officers of every applicant, to discharge the duties reposed in them, and may examine any or all of them under oath. It shall require the applicant to submit a mathematical chart or calculation, showing in detail the operation of the plan of investment carried on or proposed to be carried on, for the purpose of determining whether the same is financially and mathematically sound and the contracts or obligations issued or proposed to be issued possible of fulfillment. Unless the commission is satisfied as to the character and general fitness of the managing officers of the applicant to honestly and efficiently carry on its business, and that the plan of operation is financially sound, and the contracts issued or proposed to be issued possible of fulfillment, it shall refuse the license, and forthwith notify the applicant of such refusal, and specify in the notice the cause or causes thereof. The commission may revoke such license at any time when conditions arise which in its judgment, if existing at the time when the license was granted, would have been sufficient cause for refusing to issue such license.