Section 40. License requirements for viatical settlement brokers

A. No person shall act as a viatical settlement broker with a resident of this Commonwealth without first obtaining a license from the commission as set forth in § 38.2-1865.1 of the Code of Virginia.

B. A viatical settlement broker shall submit an application on a form required by the commission.

C. The application shall be accompanied by a fee of $50. The license may be renewed annually by submitting a renewal form and payment of a fee of $50 on or before June 1 of each year. Failure to submit a renewal form and fee within the time prescribed shall result in an automatic expiration of the license on June 30.

D. The license shall be a limited license that allows solicitation only of viatical settlements.

E. Prelicensing examination and continuing education required of agents in §§ 38.2-1815, 38.2-1817, and 38.2-1866 of the Code of Virginia shall not apply to viatical settlement brokers.

F. The commission may require such additional information as is necessary to determine whether the applicant complies with the requirements of § 38.2-1865.1 of the Code of Virginia.

Historical Notes

Derived from Volume 14, Issue 02, eff. October 15, 1997; amended, Virginia Register Volume 19, Issue 01, eff. September 4, 2002; Volume 20, Issue 05, eff. November 1, 2003.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.