The department of financial institutions has the power to: 1. Determine the qualifications of all applicants based on financial responsibility, financial condition, business experience, character, and general fitness which must reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification is met, and for the purpose of investigating compliance with the chapter, the commissioner may review and consider the relevant business records and capital adequacy of the applicant and the competence, experience, integrity, and financial ability of a person who is a member, partner, director, officer, or twenty-five percent or more shareholder of the applicant. 2. Establish codes of ethical conduct for licensees. 3. The commissioner may: a. Order or direct the licensee subject to this chapter to satisfy additional conditions necessary to ensure that the institution will continue to operate in a safe and sound manner and be able to continue to service loans in compliance with state and federal law or regulation where risk to the institution or borrower is extremely high, as determined by a formal review. b. Provide notice that all or part of this chapter is not applicable to an institution where risk to the institution is extremely low, as determined by a formal review. c. Provide public notice of a temporary suspension of all or certain sections of this chapter where economic, environmental, or societal events are determined to be of such severity to warrant a temporary suspension.
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