(a) No person shall engage in the business of financing insurance premiums in the District without first having obtained a license as a premium finance company from the Commissioner. Any person who shall engage in the business of financing insurance premiums in the District without obtaining a license as provided hereunder shall, upon conviction in the Superior Court of the District of Columbia, be guilty of a misdemeanor and shall be subject to the penalties in § 31-2502.42.
(b) The annual license fee shall be $150. Licenses may be renewed from year to year as of the 1st day of May of each year upon payment of the fee of $150. The fee for said license shall be paid through the Commissioner to the District of Columbia Treasurer.
(c) The person to whom the license or the renewal thereof may be issued shall file sworn answers, subject to the penalties of perjury, to such interrogatories as the Commissioner may require. The Commissioner shall have authority, at any time, to require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant’s conduct meets the standards of this chapter.
(d) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47.
(Oct. 9, 1940, ch. 792, ch. III, § 53; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; July 29, 1970, 84 Stat. 570, Pub. L. 91-358, title I, § 155(a); June 14, 1994, D.C. Law 10-128, § 403(b), 41 DCR 2096; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730; Apr. 20, 1999, D.C. Law 12-261, § 2003(ii), 46 DCR 3142; Oct. 28, 2003, D.C. Law 15-38, § 3(v), 50 DCR 6913.)
Prior Codifications1981 Ed., § 35-1553.
1973 Ed., § 35-1363.
Effect of AmendmentsD.C. Law 15-38, in subsec. (d), substituted “Financial Services endorsement to a basic business license under the basic” for “Class A Financial Services endorsement to a master business license under the master”.
Emergency LegislationFor temporary (90 day) amendment of section, see § 3(v) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896).
Editor's NotesDepartment of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.