2005 Vermont Code - § 3827. — License requirements

§ 3827. License requirements

(a) Unless specifically excluded from the definition of viatical settlement provider or viatical settlement broker, no person may act as a viatical settlement provider or a viatical settlement broker or enter into, solicit or deliver a viatical settlement contract in this state without first having obtained a license from the commissioner.

(b) Application for a viatical settlement provider or viatical settlement broker license shall be made to the commissioner in accordance with chapter 131 of this title. The application shall be on a form prescribed by the commissioner and shall be accompanied by a fee of $50.00.

(c) All licenses issued pursuant to this chapter shall continue in force not longer than 12 months, but shall expire as of 12:01 a.m. o'clock on the first day of April of the year next following date of issuance unless the licensee prior thereto has filed with the commissioner, on forms prescribed and furnished by the commissioner, a request for renewal of such license for an ensuing 12-month period. Such request must be accompanied by payment of a $50.00 renewal fee. Failure to pay the fee within the terms prescribed shall result in the automatic revocation of the license.

(d) The applicant shall provide such information as the commissioner may require on forms prepared by the commissioner. The commissioner shall have authority, at any time, to require the applicant or licensee to disclose the identity of all stockholders, partners, officers and employees of the viatical settlement provider. The commissioner may, in his or her discretion, refuse to license a partnership or corporation if any officer, employee, stockholder or partner thereof has failed to meet the standards of this subchapter or of chapter 131 of this title.

(e) All partners, officers and employees who intend to act as viatical settlement providers must be identified in the application. A license issued to a partnership or corporation authorizes all partners, officers and designated employees who were approved by the commissioner to act as viatical settlement providers under the license. The commissioner shall be notified of any changes or additions to the persons who are authorized providers. Additions to the persons who are authorized shall be made by application and approved in advance by the commissioner.

(f) Upon the filing of an application and the payment of the license fee, the commissioner shall investigate each applicant and may issue a license if the commissioner finds that the applicant:

(1) Has demonstrated that he or she has a sound plan of operation;

(2) Is competent and trustworthy;

(3) Has a good business and personal reputation and has had adequate and appropriate experience, training or education; and

(4) If a corporation, is in good standing and is incorporated under the laws of this state or authorized to transact business in this state.

(g) The commissioner shall not issue a license to any nonresident applicant, unless the applicant in writing designates a resident of the state as his or her agent for service of process. (Added 1993, No. 235 (Adj. Sess.), § 4.)