23-88-507. Application for license and fees.

23-88-507. Application for license and fees. (a)(1) An application for licensure under this subchapter shall be made to and filed with the Insurance Commissioner on forms prescribed and furnished by the State Insurance Department. (2) The application for licensure under this subchapter shall: (A)(i) Provide the name, residence address, and other information required by the commissioner for an employee or authorized representative of the vendor designated by the applicant as the person responsible for the vendor's compliance with the requirements of this subchapter. (ii) If the vendor derives more than fifty percent (50%) of its revenue from the sale of portable electronics insurance, the information required in subdivision (a)(2)(A)(i) of this section shall be provided for all officers, directors, and shareholders of record that have beneficial ownership of ten percent (10%) or more of any class of securities registered under the federal securities law; (B)(i) Appoint the commissioner as authorized to receive service on behalf of the applicant for any legal process issued against it in a civil action or proceeding in this state brought in connection with portable electronics insurance coverage and agree that process of the commissioner shall be valid and binding against the applicant. (ii) The appointment under subdivision (a)(2)(B)(i) of this section shall: (a) Be irrevocable; (b) Bind the applicant and any successor in interest as to the assets or liabilities of the applicant; and (c) Remain in effect as long as the applicant's licensure remains in force in this state; and (C) Provide the location of the applicant's principal place of business or home office. (b) Applications for licensure under this subchapter shall be submitted within ninety (90) days of the application forms' being made available by the commissioner. (c) An initial license issued under this subchapter shall be valid for a period of twenty-four (24) months. (d)(1) A vendor of portable electronics applying for a limited lines license under this subchapter shall pay to the commissioner: (A) A nonrefundable application and license fee of one thousand dollars ($1,000); and (B) A renewal license fee of five hundred dollars ($500). (2) However, a vendor that is engaged in portable electronics transactions at ten (10) or fewer locations in the state applying for a limited lines license under this subchapter shall pay to the commissioner: (A) A nonrefundable application and license fee not to exceed one hundred dollars ($100); and (B) A renewal license fee not to exceed one hundred dollars ($100).