Premium finance companies and branch offices need the required licensing/permit, applications must be in writing and under oath, fees must be paid, and licenses/permits generally cannot be transferred or assigned without prior written consent for control changes.
6-1402 - Licensure required; contents of application; fees; nontransferable; branch office permit 6-1402 . Licensure required; contents of application; fees; nontransferable; branch office permit A. A person shall not engage in the business of a premium finance company in this state without first being licensed as a premium finance company by the deputy director. A person who is not exempt under section 6-1403 and who advertises for, solicits or holds himself out as willing to finance premiums or enter into or acquire premium finance agreements is presumed to be engaged in the business as a premium finance company. B. A licensee shall not establish a branch office without first obtaining a branch office permit from the deputy director. C. An application for a license or branch office permit shall be made in writing, under oath, and in the form prescribed by the deputy director. The deputy director may require as part of an application such other information as the deputy director deems necessary. D. An applicant at the time of filing an application for a license or branch office permit shall pay to the deputy director the fee prescribed in section 6-126. E. Prior to December 31 of each year, each licensee may obtain a renewal of a license or branch office permit by payment of the fee prescribed in section 6-126. F. A premium finance company license or branch office permit is not transferable or assignable, and control shall not be acquired through stock purchase or other device without the prior written consent of the deputy director. The deputy director may refuse consent if the deputy director finds that any of the grounds for denial, revocation or suspension of a license prescribed by section 6-1404 are applicable to the acquiring person. For purposes of this subsection, "control" means the power to vote more than twenty percent of outstanding voting shares of a licensed corporation, limited liability company, partnership, association or trust.