§ 48.102.010. License required for providers and brokers -- Application -- Requirements -- Fee -- Rules
(1) On or after July 23, 1995, an individual, partnership, corporation, or other entity may not act as a viatical settlement provider or enter into or solicit a viatical settlement contract in this state, or act as a viatical settlement broker, without first obtaining a license from the commissioner.
(2) Application for a license for a viatical settlement provider or viatical settlement broker shall be made on a form prescribed by the commissioner, and the application shall be accompanied by a fee as determined by the commissioner by rule.
(3) Licenses for viatical settlement providers or viatical settlement brokers may be renewed from year to year on the anniversary date or at another interval established by rule, upon payment of the renewal fee and submission of forms of information as determined by rule. Failure to pay the fee within the time prescribed shall result in automatic revocation of the license.
(4) The applicant shall provide the information the commissioner requires on forms prescribed by the commissioner.
(a) The applicant shall disclose the identity of all stockholders, partners, and corporate officers; its parent entities and affiliates, and their stockholders, partners, and officers; to the extent prescribed by the commissioner.
(b) The commissioner may refuse to issue or renew a license if he or she is not satisfied that any officer, partner, stockholder, or employee thereof, who may materially influence the conduct of the applicant or licensee, meets the standards required by the public interest.
(c) A license issued to a partnership, corporation, or other entity authorizes all its partners, officers, and employees to act as viatical settlement providers under the license, if they were identified in the application or application for renewal.
(d) Any person who willfully misrepresents any fact required to be disclosed in an application for a license to act as either a viatical settlement provider or a viatical settlement broker shall be liable to penalties as provided by applicable law.
(5) Upon the filing of an application and the payment of the fee required by rule, the commissioner shall issue or renew a license if the commissioner finds that the applicant:
(a) Has provided a detailed and adequate plan of operation;
(b) Is competent and trustworthy and intends to act in good faith in the business covered by the license for which the applicant has applied;
(c) Has a good business reputation and has had experience, training, or education so as to be qualified in the business covered by the license for which the applicant has applied; and
(d) If a corporation, is incorporated under the laws of this state, or is a foreign corporation authorized to transact business in this state.
(6) The commissioner shall not issue or renew any license unless the applicant has filed with the commissioner a written irrevocable consent that any action against the applicant may be commenced by the service of process upon the commissioner.
[1995 c 161 § 2.]
Sections: Previous 48.102.005 48.102.010 48.102.015 48.102.020 48.102.025 48.102.030 48.102.035 48.102.040 48.102.045 48.102.050 48.102.055 48.102.900 48.102.901 NextLast modified: April 7, 2009