1 Colo. Code Regs. § 205-2, Regulation 44-20-404(2)(b)

Current through Register Vol. 47, No. 22, November 25, 2024

Regulation Regulation 44-20-404(2)(b)

1. An applicant for a license issued by the board must complete and submit the appropriate application form. The board shall reject for filing any application that is defective in any one or more of the following ways:

a) the application is not accompanied by a remittance in the full amount of the fee for the specific license; and,

b) the application does not include a copy of the required bond in the correct amount. The board may reject for filing any application that does not completely satisfy the requirements of the application form and its instructions.

2. An applicant whose license application has been accepted for filing must respond to every request for additional information within the time allowed and in the manner required by the requestor.

3. An applicant must include with an application the full name of, date of birth of, current residence address for, and other required identifying information related to each natural person who possesses one or more of the following characteristics:

a. an ownership, financial, or equity interest in the applicant; or,

b. an ability to control the applicant or to exercise significant financial or operational influence over the applicant.

An applicant that is subject to the reporting requirements of the "Securities Exchange Act of 1934," as amended, 15 U.S.C. § 78a et seq., need not include the identifying information in this paragraph 3 for any stockholder.

4. All information submitted to the board, by application for license or otherwise, shall be given fully, faithfully, truthfully and fairly. The failure of an applicant or licensee to so inform the board shall be grounds for suspension, revocation or denial of the license.

5. The board may deny a license for any one of or any combination of the following reasons:

a. the application is incomplete; or,

b. the information provided in the application does not fulfill a requirement of any one of or any combination of the following:

1) the application form;

2) the instructions for the application;

3) this regulation; or,

4) other relevant law or regulation; or,

c. the applicant either did not respond to a request for additional information or provided an inadequate response, or both; or,

d. the information contained in the application or the associated background investigation, or both, establishes a separate basis in relevant law or regulation to deny the license.

6. Not less than ten calendar days prior to changing the trade name of a licensed business, the licensee must submit a written application to the board seeking approval for the change.

7. Additional places of business are allowed in the name of the principal place of business, but they must display a sign with the same name as that required by the board for the principal location, and, if the additional place of business is more than just a storage lot, the licensee must provide adequate office and sanitary facilities. Locations contiguous to the principal place of business are not considered additional locations. The books and records of an additional location may be maintained at the principal place of business.

8. Prior to a licensee's doing business under a different name at an additional place of business, the licensee must submit for the board's approval a new, complete application, together with the appropriate fee, and the correct bond.

9. Prior to a licensee's making a material change to the operating entity under which the licensee does business, the licensee must submit for the board's approval a new, complete application, together with the appropriate fee, and the correct bond.

10. A licensee must conduct business solely under its licensed name. However, if a licensee is one of several dealers with common ownership, the licensee may advertise under a name that reflects the common ownership. Designations like the following, which clearly reflect common ownership, are acceptable solely for advertising purposes: "John Doe Dealerships" or "Joe's Powersports Group."

1 CCR 205-2, Regulation 44-20-404(2)(b)

43 CR 24, December 25, 2020, effective 11/17/2020

44 CR 24, December 25, 2021, effective 1/14/2022

45 CR 03, February 10, 2022, effective 3/17/2022

45 CR 14, July 25, 2022, effective 8/15/2022