§ 7804. Registration requirements for life settlement intermediaries.\n(a) No person shall act as a life settlement intermediary in this state\nwithout having authority to do so by virtue of a registration issued and\nin force pursuant to this article.\n (b)(1) The superintendent may issue a life settlement intermediary\nregistration to any person who:\n (A) is deemed by the superintendent to be trustworthy and competent to\nact as a life settlement intermediary;\n (B) is otherwise qualified as required in this article; and\n (C) has complied with the prerequisites prescribed in this article.\n (2) Every registration issued pursuant to this section shall expire on\nJune thirtieth of odd-numbered years.\n (c)(1) Application for a life settlement intermediary registration\nshall be made to the superintendent by the applicant on a form\nprescribed by the superintendent, and the application shall be\naccompanied by a fee in an amount established by the superintendent.\n (2) The applicant for a life settlement intermediary registration\nshall provide:\n (A) the state in which the life settlement intermediary is domiciled\nor resident;\n (B) the principal place of business of the life settlement\nintermediary;\n (C) all other states in which the life settlement intermediary is\ndoing or intends to do business;\n (D) a detailed plan of operation; and\n (E) the identities of the life settlement intermediary executive\nofficer or officers directly responsible for such business, and all\nstockholders (except stockholders owning fewer than ten percent of the\nvoting shares of a life settlement intermediary whose shares are\npublicly traded), partners, officers, members, directors and persons\nwith a controlling interest. For purposes of this section, "controlling\ninterest" means a person who directly or indirectly, has the power to\ncause to be directed the management, control or activities of such\nregistrant.\n (d) Each life settlement intermediary that is required to register\npursuant to this section shall also furnish such information as may be\nrequired by the superintendent to:\n (1) verify that the person or persons qualify as a life settlement\nintermediary; and\n (2) determine compliance with any applicable state law.\n (e)(1) As part of the application, the applicant shall submit a power\nof attorney designating the superintendent as agent for the purpose of\nreceiving service of legal documents or process.\n (2) The power of attorney shall include the name and address of the\nofficer, agent, or other person to whom such legal documents or process\nshall be forwarded by the superintendent or his or her deputy on behalf\nof such life settlement provider.\n (3) Service of legal documents or process upon a life settlement\nprovider pursuant to this subsection shall be made by serving the\nsuperintendent, any deputy superintendent or any salaried employee of\nthe department whom the superintendent designates for such purpose with\ntwo copies thereof and the payment of a fee of forty dollars. The\nsuperintendent shall forward a copy of such legal documents or process\nby registered or certified mail to the life settlement provider at the\naddress given in its written certificate of registration, and shall keep\na record of all legal documents or process so served. Service of legal\ndocuments or process so made shall be deemed made within the territorial\njurisdiction of any court in this state.\n (f) The superintendent may require an applicant for such registration\nto submit a set of fingerprints. Such fingerprints shall be submitted to\nthe division of criminal justice services for a state criminal history\nrecord check, as defined in subdivision one of section three thousand\nthirty-five of the education law, and may be submitted to the federal\nbureau of investigation for a national criminal history record check.\nAll such criminal history records sent to the superintendent pursuant to\nthis paragraph shall
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.