6-1402. Licensure required; contents of
application; fees; nontransferable; branch office permit
A. A person shall not engage in the business of a premium finance company in this
state without first being licensed as a premium finance company by the superintendent. A
person who is not exempt under section 6-1403 and who advertises for, solicits or holds
himself out as willing to finance premiums or enter into or acquire premium finance
agreements is presumed to be engaged in the business as a premium finance company.
B. A licensee shall not establish a branch office without first obtaining a branch
office permit from the superintendent.
C. An application for a license or branch office permit shall be made in writing,
under oath, and in the form prescribed by the superintendent. The superintendent may
require as part of an application such other information as he deems necessary.
D. An applicant at the time of filing an application for a license or branch office
permit shall pay to the superintendent the fee prescribed in section 6-126.
E. Prior to December 31, each licensee may obtain a renewal of a license or branch
office permit by payment of the fee prescribed in section 6-126.
F. A premium finance company license or branch office permit is not transferable or
assignable, and control shall not be acquired through stock purchase or other device
without the prior written consent of the superintendent. The superintendent may refuse
consent if the superintendent finds that any of the grounds for denial, revocation or
suspension of a license prescribed by section 6-1404 are applicable to the acquiring
person. For purposes of this subsection, "control" means the power to vote more than
twenty per cent of outstanding voting shares of a licensed corporation, limited liability
company, partnership, association or trust.
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