(1) A life settlement provider or life settlement producer shall be licensed in accordance with this title, with the additional requirements listed in this section. (2) A life settlement provider shall provide to the commissioner: (a) a detailed plan of operation with the life settlement provider's: (i) initial license application; and (ii) renewal application; (b) a copy of the life settlement provider's most current audited financial statement; (c) an antifraud plan that meets the requirements of Section 31A-36-117; and (d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119. (3) A life settlement provider shall provide with the life settlement provider's initial license application information describing the life settlement provider's life settlement experience, training, and education. (4) A life settlement provider shall provide to the commissioner, within 30 days after a change occurs, new or revised information concerning any of the following: (a) officers; (b) holders of more than 10% of its stock; (c) partners; (d) directors; (e) members; and (f) designated employees.
‹ Prev All Utah 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.