Rhode Island General Laws Title 19. Financial Institutions § 19-14.8-9. Certificate of registration--Issuance or denial

(1) The application contains information that is materially erroneous or incomplete;

(2) An officer, director, or owner of the applicant has been convicted of a crime, or suffered a civil judgment, involving dishonesty or the violation of state or federal securities laws;

(3) The applicant, or any of its officers, directors, or owners, has defaulted in the payment of money collected for others; or

(4) The director finds that the financial responsibility, experience, character, or general fitness of the applicant, or its owners, directors, employees, or agents, does not warrant belief that the business will be operated in compliance with this chapter.

(1) The application is not accompanied by the fee established by the director; or

(2) With respect to an applicant that is organized as a not-for-profit entity or has obtained tax-exempt status under the Internal Revenue Code, 26 U.S.C. § 501, the applicant's board of directors is not independent of the applicant's employees and agents.

(1) Are affiliates of the applicant, as defined in § 19-14.8-2(2)(a) or (2)(b)(i), (ii), (iv), (v), (vi), or (vii); or

(2) After the date ten (10) years before first becoming a director of the applicant, were employed by, or directors of, a person that received from the applicant more than twenty-five thousand dollars ($25,000) in either the current year or the preceding year.