§431:31-107 Application for license and fees. (a) A sworn application for a license under this article shall be filed with the commissioner on forms prescribed and furnished by the commissioner.
(b) The application for a license shall provide the:
(1) Name, residence address, electronic-mail address, and other information required by the commissioner for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor's compliance with the requirements of this article; provided that, if the vendor derives more than fifty per cent of its revenue from the sale of portable electronics insurance, the information in this paragraph shall be provided for all officers, directors, and shareholders of record having beneficial ownership of ten per cent or more of any class of securities registered under the federal securities law; and
(2) Location of the applicant's home office.
(c) Any vendor engaging in portable electronics insurance transactions on or before [January 1, 2013,] shall apply for licensure within ninety days of the application's being made available by the commissioner. Any applicant commencing operations after [January 1, 2013,] shall obtain a license prior to offering portable electronics insurance.
(d) Initial licenses issued pursuant to this article shall be valid for a period of not less than twenty-four months. Renewed licenses shall be valid for a period of twenty-four months.
(e) Each vendor licensed under this article shall pay to the commissioner a fee of $5,000 for the issuance of the initial portable electronics limited lines license, plus a license fee of $2,500 per year for the initial or renewal term. A pro rata portion of the license fee may be applied for a partial year of the initial term. [L 2012, c 321, pt of §1; am L 2013, c 194, §2]
Section: Previous 431-30-120 431-30-121 431-30-122 431-30-123 431-30-124 431-31-101 431-31-102 431-31-103 431-31-104 431-31-105 431-31-106 431-31-107 431-31-108 NextLast modified: October 27, 2016