Section 7907. Registration of providers

(a)  No  person shall act as a
  provider pursuant to this  article  without  having  first  obtained  an
  approval  of  a  registration  to  do  so  from  the superintendent. The
  application for approval of registration  shall  contain  the  following
  information;
    (1) the name and address of the principal office of the provider;
    (2)  the  name  and  address  of  the  providers' agent for service of
  process in this state, if other than the provider;
    (3) the identities of the provider's  executive  officer  or  officers
  directly responsible for such provider's service contract business, and,
  if more than fifty percent of the provider's revenue is derived from the
  sale  of  service  contracts, the identities of the provider's directors
  and stockholders having beneficial ownership of five percent or more  of
  any class of securities registered under the federal securities law;
    (4)  the  name,  location  and  telephone number of any administrators
  designated by the provider to be responsible for the  administration  of
  service contracts in this state, together with an acknowledgment by each
  such  administrator  (who  is  not  employed  by  the  provider) of such
  administrator's obligations under this article;
    (5) a statement indicating  under  subsection  (c)  of  section  seven
  thousand nine hundred three of this article the provider qualifies to do
  business as a service contract provider in this state.
    (b)  The registration application shall be accompanied by a fee of two
  hundred fifty dollars for each year or fraction of a year in  which  the
  registration shall be in effect.
    (c)  A  provider  shall  keep  current  the information required to be
  disclosed in its  registration  under  this  section  by  reporting  all
  material  changes  or  additions within thirty days after the end of the
  month in which the provider learns of such change or addition.
    (d) The superintendent shall render a determination on the application
  for registration within forty-five days of the  date  of  filing.    The
  superintendent  may  not approve the application for registration if the
  provider is not trustworthy  or  has  otherwise  given  cause  that  the
  superintendent  determines  that  to approve such registration would not
  promote the health, safety and welfare of the public.  In the event  the
  registration  application is disapproved, the superintendent shall state
  the reason or  reasons  therefor.  In  the  event  the  application  was
  incomplete,  the applicant may file an amended registration application.
  The superintendent shall render a decision on  the  amended  application
  within thirty days of receipt thereof.
    (e)  The  registration  shall  continue  in  force  until suspended or
  revoked by the superintendent on the grounds that the  provider  is  not
  trustworthy  or  has violated any provision of this chapter or has given
  cause for the revocation or  suspension  of  such  registration  or  the
  provider  has failed to comply with any prerequisite for the issuance of
  such  registration  approved,  or  terminated  at  the  request  of  the
  provider, subject, however, to the biennial renewal of the registration,
  by  filing  a  renewal  application and payment, prior to March first of
  each odd numbered year following that in which its original registration
  application is filed, of a fee of five hundred dollars.
    (f) Except for the registration requirement in this section, providers
  and administrators of service contracts are exempt  from  any  licensing
  requirements.
    (g) The biennial renewal application shall contain such information as
  required by the superintendent including, but not limited to information
  to  demonstrate that the applicant continues to satisfy all requirements
  of section seven thousand nine hundred three of this article.