A. A viatical or life settlement provider lawfully transacting business in this state prior to the effective date of the Viatical Settlements Act of 2008 may continue to do so pending approval or disapproval of that person’s application for a license if the application is filed with the Commissioner not later than sixty (60) calendar days after publication of the application form and instructions for licensure of providers. If the publication of the application form and instructions is prior to the effective date of this act, then the application shall be filed no later than sixty (60) calendar days after the effective date of the act. During the time that such an application is pending with the Commissioner, the applicant may use any form of viatical settlement contract that has been filed with the Commissioner pending approval thereof, provided that such form is otherwise in compliance with the provisions of this act. Any person transacting business in this state under this subsection shall comply with all other requirements of this act.
B. A person who has lawfully negotiated viatical or life settlement contracts between any owner residing in this state and one or more providers for at least one year immediately prior to the effective date of this act may continue to do so pending approval or disapproval of that person’s application for a license if the application is filed with the Commissioner not later than sixty (60) calendar days after publication of the application form and instructions for licensure of brokers. If the publication of the application form and instructions is prior to the effective date of this act, then the application shall be filed no later than sixty (60) calendar days after the effective date of the act. Any person transacting business in this state under this subsection shall comply with all other requirements of this act.
Added by Laws 2008, c. 183, § 17, eff. Nov. 1, 2008. Amended by Laws 2008, c. 344, § 10, eff. Nov. 1, 2008.