Section 7802. License requirements

(a)  No  individual,  partnership,
  corporation or other entity may act as a viatical settlement company  or
  broker  or  enter  into  or  solicit a viatical settlement without first
  having obtained a license from the superintendent,  in  accordance  with
  procedures established by regulation.
    (b)  Application  for  a viatical settlement company or broker license
  shall be  made  to  the  superintendent  by  the  applicant  on  a  form
  prescribed   by   the  superintendent,  and  the  application  shall  be
  accompanied by a license fee of two thousand five hundred dollars.
    (c) Licenses may be renewed from year to  year  upon  payment  of  the
  annual renewal fee of one thousand dollars.
    (d) The applicant shall provide such information as the superintendent
  may   require   on   forms   prescribed   by   the  superintendent.  The
  superintendent shall  have  authority,  at  any  time,  to  require  the
  applicant  to  disclose  fully  the identity of all stockholders (except
  stockholders owning fewer than five percent of the shares of a  viatical
  settlement   company   whose  shares  are  publicly  traded),  partners,
  officers, employees, agents and brokers and the superintendent  may,  in
  the exercise of discretion, refuse to issue a license in the name of any
  firm,  partnership  or  corporation  if  not satisfied that any officer,
  employee,  stockholder,  partner,  agent  or  broker  thereof  who   may
  materially influence the applicant's conduct meets the standards of this
  article.
    (e)  A  license  issued  to a partnership, corporation or other entity
  authorizes all members, officers and  designated  employees  to  act  on
  behalf  of  viatical  settlement companies or brokers under the license,
  and all  those  persons  must  be  named  in  the  application  and  any
  supplements to the application.
    (f)  (1)  Upon  the  filing  of  an application and the payment of the
  license fee, the superintendent shall  make  an  investigation  of  each
  applicant and shall issue a license if he finds that the applicant:
    (A)  is  competent and trustworthy and intends to act in good faith in
  the capacity involved by the license applied for;
    (B) possesses the character, competence and standing in the  community
  that  is  commensurate  with doing the business of a viatical settlement
  company, pursuant to this article;
    (C) if a corporation, is a corporation incorporated under the laws  of
  this  state  or a foreign corporation authorized to transact business in
  this state; and
    (D) the applicant has  not  acted  in  any  way  which  would  justify
  revocation of a license pursuant to section seven thousand eight hundred
  three of this article.
    (2)  As  a  part  of  such  determination  and  in accordance with the
  provisions of paragraph one of this subsection  and  subsection  (a)  of
  section  seven  thousand  eight  hundred  three  of  this  article,  the
  superintendent is authorized to require the  fingerprinting  of  license
  applicants.  Such  fingerprints  shall  be  submitted to the division of
  criminal justice services for a state criminal history record check,  as
  defined  in subdivision one of section three thousand thirty-five of the
  education  law,  and  may  be  submitted  to  the  federal   bureau   of
  investigation for a national criminal history record check.
    (g)  The superintendent shall not issue any license to any nonresident
  applicant, unless a written designation of a resident agent for  service
  of  process  is  filed  and  maintained  with  the superintendent or the
  applicant has filed with the  superintendent  such  applicant's  written
  irrevocable  consent  that  any  action  against  the  applicant  may be
  commenced  against  the  applicant  by  service  of   process   on   the
  superintendent.