LD 1907
pg. 10
Page 9 of 38 PUBLIC Law Chapter 636 Page 11 of 38
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LR 2724
Item 1

 
B. Is competent and trustworthy and intends to act in good
faith in the capacity required by the license of a
settlement provider;

 
C. Has a good business reputation and has had experience,
training or education so as to be qualified in the business
to which the license relates as a settlement provider;

 
D. If organized under the laws of this State, has provided
a certificate of good standing from this State. If the
applicant is a foreign entity, it must provide a certificate
of good standing from its state of organization and a
certificate of good standing from this State; and

 
E. Or any Has no officer, partner, director, member or key
management personnel of the applicant that has not been
convicted of a felony of which fraud was an element. been
found guilty of, or has pleaded guilty or nolo contendere
to, any crime involving fraud or moral turpitude, regardless
of whether a judgment of conviction has been entered by the
court; and

 
F.__Has provided an antifraud plan that meets the
requirements of section 6818.

 
7. Financial responsibility. The following evidence Evidence
of financial responsibility must be provided to the
superintendent before a license may be issued in accordance with
this subsection.

 
A. A viatical settlement provider shall provide evidence of
financial accountability.__Such evidence may include, but is
not limited to, a binding and committed lending facility of
at least $1,000,000 with a term of at least one year or a
net worth in excess of $100,000.

 
8. Nonresidents. The superintendent may not issue a
settlement provider license to a nonresident applicant unless a
written designation of an agent for service of process is filed
and maintained with the superintendent or the applicant has filed
with the superintendent the applicant's written irrevocable
consent that any action against the applicant may be commenced
against the applicant by service of process on the
superintendent.

 
9. List. The superintendent shall maintain a complete list
of all viatical settlement providers licensed or with license
pending in this State. The list must be available upon request
to the general public.


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