(a) A provider must obtain a renewal of its registration annually.
(b) An application for renewal of registration as a provider must be in a form prescribed by the Lieutenant Governor, signed under penalty of false statement, and:
(1) be filed no fewer than 30 and no more than 60 days before the registration expires;
(2) be accompanied by the fee established by the Lieutenant Governor and the bond required by section 413;
(3) contain the matter required for initial registration as a provider by section 406(8) and (9) and a financial statement, audited by an accountant licensed to conduct audits, for the applicant's fiscal year immediately preceding the application;
(4) disclose any changes in the information contained in the applicant's application for registration or its immediately previous application for renewal, as applicable. If an application is otherwise complete and the applicant has made a timely effort to obtain the information required by section 406(14) but the information has not been received, the Lieutenant Governor may issue a temporary renewal of registration that expires no later than 180 days after issuance;
(5) supply evidence of insurance in an amount equal to the larger of $250,000 or the highest daily balance in the trust account required by section 422 during the six-month period immediately preceding the application:
(A) against risks of dishonesty, fraud, theft, and other misconduct on the part of the applicant or a director, employee, or agent of the applicant;
(B) issued by an insurance company authorized to do business in the Virgin Islands and rated at least A or equivalent by a nationally recognized rating organization approved by the Lieutenant Governor;
(C) with a deductible not exceeding $5,000;
(D) payable for the benefit of the applicant, the Virgin Islands, and individuals who are residents of the Virgin Islands, as their interests may appear; and
(E) not subject to cancellation by the applicant or the insurer until 60 days after written notice has been given to the Lieutenant Governor;
(6) disclose the total amount of money received by the applicant pursuant to plans during the preceding 12 months from or on behalf of individuals who reside in the Virgin Islands and the total amount of money distributed to creditors of those individuals during that period;
(7) disclose, to the best of the applicant's knowledge, the gross amount of money accumulated during the preceding 12 months pursuant to plans by or on behalf of individuals who reside in the Virgin Islands and with whom the applicant has agreements; and
(8) provide any other information that the Lieutenant Governor reasonably requires to perform the Lieutenant Governor's duties under this section.
(c) Except for the information required by section 406(7), (14), and (17) and the addresses required by section 406(4), the Lieutenant Governor shall make the information in an application for renewal of registration as a provider available to the public.
(d) If a registered provider files a timely and complete application for renewal of registration, the registration remains effective until the Lieutenant Governor, in a record, notifies the applicant of a denial and states the reasons for the denial.
(e) If the Lieutenant Governor denies an application for renewal of registration as a provider, the applicant, within 30 days after receiving notice of the denial, may appeal and request a hearing in accordance with the procedure prescribed in section 410(b). Subject to section 434, while the appeal is pending the applicant shall continue to provide debt-management services to individuals with whom the applicant has agreements. If the denial is affirmed, subject to the Lieutenant Governor's order and section 434, the applicant shall continue to provide debt-management services to individuals with whom it has agreements until, with the approval of the Lieutenant Governor, it transfers the agreements to another registered provider or returns to the individuals all unexpended money that is under the applicant's control.