2006 Nebraska Revised Statutes - § 44-1104 — Disciplinary actions.

Section 44-1104
Disciplinary actions.

(1) The director may suspend, revoke, or refuse to issue or renew a license if the director finds that:

(a) There was any material misrepresentation in the application for the license;

(b) The applicant or licensee or any officer, partner, member, or key management personnel is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;

(c) The viatical settlement provider demonstrates a pattern of unreasonable payments to viators;

(d) The applicant or licensee or any officer, partner, member, or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to, any felony or a Class I, II, or III misdemeanor, regardless of whether a judgment of conviction has been entered by the court;

(e) The viatical settlement provider has entered into any viatical settlement contract that has not been approved pursuant to the Viatical Settlements Act;

(f) The viatical settlement provider has failed to honor contractual obligations set out in a viatical settlement contract;

(g) The licensee no longer meets the requirements for initial licensure;

(h) The viatical settlement provider has assigned, transferred, or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this state, a viatical settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501, or Rule 144A of the federal Securities Act of 1933, as the act existed on September 1, 2001, a financing entity, a special purpose entity, or a related provider trust;

(i) The applicant or licensee or any officer, partner, member, or key management personnel has violated any provision of the Viatical Settlements Act; or

(j) The licensee has failed to respond to the department within fifteen working days after receipt of an inquiry from the department.

(2) If the director denies a license application or suspends, revokes, or refuses to renew a license, the director shall conduct a hearing in accordance with the Administrative Procedure Act.

Source:

Laws 2001, LB 52, § 30

Cross References:

Administrative Procedure Act,see section 84-920.

~Reissue Revised Statutes of Nebraska