§ 7804. Registration requirements for life settlement intermediaries.
(a) No person shall act as a life settlement intermediary in this state
without having authority to do so by virtue of a registration issued and
in force pursuant to this article.

(b)(1) The superintendent may issue a life settlement intermediary
registration to any person who:

(A) is deemed by the superintendent to be trustworthy and competent to
act as a life settlement intermediary;

(B) is otherwise qualified as required in this article; and

(C) has complied with the prerequisites prescribed in this article.

(2) Every registration issued pursuant to this section shall expire on
June thirtieth of odd-numbered years.

(c)(1) Application for a life settlement intermediary registration
shall be made to the superintendent by the applicant on a form
prescribed by the superintendent, and the application shall be
accompanied by a fee in an amount established by the superintendent.

(2) The applicant for a life settlement intermediary registration
shall provide:

(A) the state in which the life settlement intermediary is domiciled
or resident;

(B) the principal place of business of the life settlement
intermediary;

(C) all other states in which the life settlement intermediary is
doing or intends to do business;

(D) a detailed plan of operation; and

(E) the identities of the life settlement intermediary executive
officer or officers directly responsible for such business, and all
stockholders (except stockholders owning fewer than ten percent of the
voting shares of a life settlement intermediary whose shares are
publicly traded), partners, officers, members, directors and persons
with a controlling interest. For purposes of this section, "controlling
interest" means a person who directly or indirectly, has the power to
cause to be directed the management, control or activities of such
registrant.

(d) Each life settlement intermediary that is required to register
pursuant to this section shall also furnish such information as may be
required by the superintendent to:

(1) verify that the person or persons qualify as a life settlement
intermediary; and

(2) determine compliance with any applicable state law.

(e)(1) As part of the application, the applicant shall submit a power
of attorney designating the superintendent as agent for the purpose of
receiving service of legal documents or process.

(2) The power of attorney shall include the name and address of the
officer, agent, or other person to whom such legal documents or process
shall be forwarded by the superintendent or his or her deputy on behalf
of such life settlement provider.

(3) Service of legal documents or process upon a life settlement
provider pursuant to this subsection shall be made by serving the
superintendent, any deputy superintendent or any salaried employee of
the department whom the superintendent designates for such purpose with
two copies thereof and the payment of a fee of forty dollars. The
superintendent shall forward a copy of such legal documents or process
by registered or certified mail to the life settlement provider at the
address given in its written certificate of registration, and shall keep
a record of all legal documents or process so served. Service of legal
documents or process so made shall be deemed made within the territorial
jurisdiction of any court in this state.

(f) The superintendent may require an applicant for such registration
to submit a set of fingerprints. Such fingerprints shall be submitted to
the division of criminal justice services for a state criminal history
record check, as defined in subdivision one of section three thousand
thirty-five of the education law, and may be submitted to the federal
bureau of investigation for a national criminal history record check.
All such criminal history records sent to the superintendent pursuant to
this paragraph shall be confidential pursuant to the applicable federal
and state laws, rules and regulations, and shall not be published or in
any way disclosed to persons other than the superintendent, unless
otherwise authorized by law. The superintendent shall provide such
applicant with a copy of his or her criminal history record, if any,
together with a copy of article twenty-three-A of the correction law,
and inform such applicant of his or her right to seek correction of any
incorrect information contained in such record pursuant to regulations
and procedures established by the division of criminal justice services.
All determinations to grant or deny clearance for registration pursuant
to this section shall be in accordance with subdivision sixteen of
section two hundred ninety-six of the executive law and article
twenty-three-A of the correction law. When the superintendent denies an
application, written notice of such determination shall be given to the
prospective applicant who shall be afforded notice and the right to be
heard and offer proof in opposition to such determination.

(g) The superintendent, in the exercise of the superintendent's
discretion, may refuse to issue a life settlement intermediary
registration in the name of any person if not satisfied that any
officer, employee, stockholder, partner, director, member, agent, or
responsible person thereof who may materially influence the applicant's
conduct meets the standards of this article.

(h) Every registration issued pursuant to this section may be renewed
for the ensuing period of twenty-four months upon the filing of an
application in conformity with this section.

(i)(1) Before the renewal of any life settlement intermediary
registration shall be issued, an application for renewal of the
registration shall be made to the superintendent by the applicant on a
form prescribed by the superintendent and containing such information as
the superintendent may prescribe, and the application shall be
accompanied by a fee in an amount to be established by the
superintendent.

(2) If an application for renewal registration shall have been filed
with the superintendent before the expiration of the registration, the
registration sought to be renewed shall continue in full force and
effect either until the issuance by the superintendent of the renewal
registration applied for or until five days after the superintendent
shall have refused to issue such renewal registration and shall have
given notice of such refusal to the applicant. Before refusing to renew
any such registration, the superintendent shall notify the applicant of
the superintendent's intention to do so and shall give such applicant a
hearing.

(3) An application for the renewal of a registration shall be filed
with the superintendent not less than sixty days prior to the date the
registration expires or the applicant may be subject to a further fee
for late filing, as prescribed by the superintendent.

(j) A life settlement intermediary shall, as to any subsequent changes
in any of the items set forth in paragraph two of subsection (c) and
paragraph one of subsection (d) of this section, notify the
superintendent in writing within thirty days of any such change.

(k) Every individual applicant for registration under this section
shall be eighteen years of age or older at the time of the issuance of
such registration.