40-2604. Licensure; violation, penalty; continuation, fee; application; authority of commissioner.
40-2604
40-2604. Licensure; violation, penalty; continuation, fee; application;authority of commissioner.No person shall engage in the business of financing insurance premiumsunder this act in this state without first having obtained a license as apremium finance company from the commissioner of insurance. Every violationof any of the provisions of this act shall subject the person violating thesame to a penalty not to exceed $500 foreach violation or by imprisonment not to exceed six months in jail orboth.
The license continuation fee shall be $100. The fee for such continuationshall be paid to the commissioner to be deposited in the state general fund.
Licenses may be continued from year to year as of May 1 ofeach year upon payment of the continuation fee. Every licenseeshall, on or before the firstday of April, pay to the commissioner the sum of$100 as a continuation fee for the succeeding year. Failureto pay the continuation fee within the time prescribedshall automatically revoke the license.
The applicant for such license shall file with the commissioner writtenapplication and shall make sworn answers to suchinterrogatories as the commissioner may require on forms prepared bythe commissioner. The commissioner shall have authority, at any time, torequire theapplicant fully to disclose the identity of all stockholders, partners,officers and employees, and the commissioner may, in theexercise of discretion, refuse to issue orrenew a license in the name of any firm, partnership, or corporation if notsatisfied that any officer, employee, stockholder, or partnerthereof who may materially influence the applicant's conduct meets thestandards of this act.
History: L. 1968, ch. 287, § 4;L. 1991, ch. 136, § 2; July 1.