Georgia Code, Title 33, Chapter 59 - Life Settlements

• § 33-59-1 - Short Title
  This chapter shall be known and may be cited as the "Life Settlements Act."
• § 33-59-2 - Definitions
  As used in this chapter, the term: (1) "Advertisement" means any written, electronic, or printed communication or any communication by means of recorded telephone...
• § 33-59-3 - License Requirements; Representation of Producers; Exceptions; Application and Renewal; Fees; Licenses for Legal Entities; Investigation by Commissioner and Issuance of License; Nonresident Applicants; Required Information From Provider; Continued Training Requirements
  (a) No person, wherever located, shall act as a provider or life settlement broker with an owner or multiple owners who are residents of...
• § 33-59-4 - Suspension, Revocation, or Refusal to Renew Licenses; Grounds; Hearing Required
  (a) The Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the Commissioner finds that: (1) There was any...
• § 33-59-5 - Filing of Contracts and Disclosure Statements With the Commissioner; Approval or Disapproval
  (a) No person may use any form of life settlement contract in this state unless it has been filed with and approved, if required,...
• § 33-59-6 - Filing of Annual Statement With the Commissioner; Confidential Information
  (a) (1) Each provider shall file with the Commissioner on or before May 1 of each year an annual statement containing such information as...
• § 33-59-7 - Examination of Licensees and Businesses; Record Retention Requirements; Examination Reports; Orders; Hearings; Confidentiality of Examination Information; Conflict of Interest; Immunity; Investigative Authority of the Commissioner
  (a) The Commissioner may, when the Commissioner deems it reasonably necessary to protect the interests of the public, examine the business and affairs of...
• § 33-59-8 - Advertising
  (a) A registered life settlement broker or licensed provider who is registered or licensed pursuant to this chapter may conduct or participate in advertisements...
• § 33-59-9 - Required Written Disclosures; Consequence for Failure to Provide
  (a) The provider or broker shall provide in writing, in a separate document that is signed by the owner, the following information no later...
• § 33-59-10 - Lender-Financed Premiums Using Policy As Collateral; Disclosures and Certifications
  (a) In addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may inquire in the application...
• § 33-59-11 - Required Documents and Information; Confidentiality; Seller's Right to Rescind; Escrow Proceedings; Failure to Tender Consideration; Limitation on Contracts With the Insured for the Purpose of Determining the Insured's Health Status
  (a) A provider entering into a life settlement contract, wherein the insured is terminally or chronically ill, shall first obtain: (1) If the owner...
• § 33-59-12 - Promulgation of Regulations; Determining Governing Law When Multiple Owners
  (a) The Commissioner may promulgate regulations implementing this chapter and regulating the activities and relationships of providers, life settlement brokers, insurers, and their agents...
• § 33-59-13 - Unlawful Activities Deemed Fraudulent Life Settlement Act
  (a) It shall be unlawful for any person to: (1) Enter into a life settlement contract if such person knows or reasonably should have...
• § 33-59-14 - Violations; Required Statement; Reporting of Fraudulent Acts to the Commissioner; Immunity for Providing Information Concerning Fraudulent Acts; Confidentiality of Documents and Evidence; Mandatory Adoption of Antifraud Initiatives by Providers
  (a) (1) It shall be illegal for a person to commit a fraudulent life settlement act. (2) A person shall not knowingly and intentionally...
• § 33-59-15 - Remedies and Penalties for Violations; Procedural Issues
  (a) In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule or regulation...
• § 33-59-16 - Fraudulent Life Settlement Acts Prohibited; Criminal and Civil Penalties; Revocation of License
  (a) It is a violation of this chapter for any person, provider, life settlement broker, or any other party related to the business of...
• § 33-59-17 - Unfair Trade Practice
  A violation of this chapter shall be considered an unfair trade practice pursuant to state law and subject to the penalties provided by state
• § 33-59-18 - Transacting Business Permitted While the Provider's License Application is Pending
  (a) A provider lawfully transacting business in this state prior to July 1, 2009, may continue to do so pending approval or disapproval of...

Last modified: October 14, 2016