21 NCAC 12 .0503. RENEWAL OF LICENSE

(a)  Form.  The Board's renewal form shall require the applicant to include the following information:

(1)           whether there were any changes made in the status of the licensee's business during the preceding year; and

(2)           a financial statement for the licensee's business. The financial statement need not be prepared by a certified public accountant or by a qualified independent accountant, but may be completed by the licensee on the form itself.

(b)  The Board shall require a licensee to submit an audited financial statement if there is any evidence indicating that the licensee may be unable to meet its financial obligations.  A licensee shall be required to provide evidence of continued financial responsibility satisfactory to the Board, pursuant to Rule .0204 of this Chapter, if there are indications that the licensee is insolvent, financially unstable, or unable to meet its financial responsibilities. Except as provided herein, evidence of financial responsibility shall be subject to approval by the Board in accordance with the requirements of Rule .0204 of this Chapter.

(c)  A licensee shall provide the Board with a copy of any bankruptcy petition filed by the licensee within 30 days of its filing.  A licensee in bankruptcy shall provide to the Board an audited financial statement with a classified balance sheet as part of any application for renewal.  A corporate licensee shall notify the Board of its dissolution, suspension of its corporate charter, or withdrawal of its Certificate of Authority within 30 days of such dissolution, suspension, or withdrawal.

(d)  Upon receipt of a written request by or on behalf of a licensee who is currently in good standing with the Board, is serving in the armed forces of the United States, and to whom G.S. 105-249.2 grants an extension of time to file a tax return, the Board shall grant that same extension of time for complying with renewal application deadlines, for paying renewal fees, and for meeting any other requirement or conditions related to the maintenance or renewal of the license issued by the Board. The applicant shall furnish to the Board a copy of the military orders or the extension approval by the Internal Revenue Service or by the North Carolina Department of Revenue.

 

History Note:        Authority G.S. 87-1; 87-4;87-10; 87-12; 87-13; 93B-15;

Eff. February 1, 1976;

Readopted Eff. September 26, 1977;

ARRC Objection March 19, 1987;

Amended Eff. May 1, 1989; August 1, 1987;

Temporary Amendment Eff. June 28, 1989 for a period of 155 Days to Expire on December 1, 1989;

Amended Eff. December 1, 1989;

RRC Removed Objection of March 19, 1987 Eff. August 20, 1992 based on subsequent amendment;

Amended Eff. September 1, 1992;

Temporary Amendment Eff. May 31, 1996;

Amended Eff. April 1, 2014; June 1, 2011; June 1, 2003; April 1, 2003; August 1, 2002; April 1, 1997.