(a) A sworn application for license under the chapter shall be made to and be filed with the Commissioner on forms prescribed and furnished by the Commissioner.
(b) The application shall:
(1) Provide the name, residence address, and other information required by the Commissioner for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor’s compliance with the requirements of this chapter, including implementation of the training program provided for herein. However, if the vendor derives more than 50% of its revenue from the sale of portable electronics insurance the information noted above shall be provided for all officers, directors, and shareholder of record having beneficial ownership of 10% or more of any class of securities registered under the Federal Securities Law or as may be otherwise required under 9 V.I.C., section 601 et seq.; and
(2) Identify the location of the applicant’s home office.
(c) Any vendor engaging in portable electronics insurance transactions on or before the effective date of this chapter must apply for licensure within ninety (90) days of the application is being made available by the Commissioner. Any applicant commencing operations after the effective date of this chapter must obtain a license prior to offering portable electronics insurance.
(d) Initial licenses issued pursuant to this chapter shall expire on December 31st following its date. Licenses shall be renewed annually on application of the licensee unless he has failed to comply with this title.
(e) Each vendor of portable electronics licensed under this chapter shall pay to the Commissioner a fee as prescribed by the Commissioner, but in no event shall the fee exceed $1,000 for an initial portable electronics limited lines license and $500 for each renewal thereof.