Section 626.3 - License requirements(a) General rule.--No person shall engage in the business of viatical settlements as a viatical settlement provider or as a viatical settlement broker or otherwise operate as a viatical settlement provider or viatical settlement broker in this Commonwealth without first obtaining an appropriate license from the department and being considered by the department to be worthy of such licensure.(b) Application.--Application for a viatical settlement provider or viatical settlement broker license shall be made to the department by the applicant on a form required by the department. An application for initial licensure as a viatical settlement provider shall include the following information in addition to any other information required by the department: (1) an audited financial statement no more than one year and 120 days old prepared under the generally accepted accounting principles; and(2) an unaudited financial statement as of the end of the most recent quarter.(c) Fees.--The following licensing fees shall be due at the time of initial and renewal application: (1) For licensure as a viatical settlement provider, $300.(2) For licensure as a viatical settlement broker, $100.(3) Fees for initial and renewal licensure as a viatical settlement provider and viatical settlement broker may be adjusted no more than annually at the discretion of the commissioner by publishing a notice in the Pennsylvania Bulletin.(d) Reciprocity.-- (1) The department shall not assess a greater fee for a viatical settlement provider license or viatical settlement broker license or related service to a person not residing in this State based solely on the fact that the person does not reside in this State.(2) The department shall waive any license application requirements for a nonresident license applicant with a valid viatical settlement provider or viatical settlement broker license from the applicant's home state if:(i) the viatical settlement provider or viatical settlement broker has submitted the proper request for licensure and has paid the appropriate licensure fees;(ii) the viatical settlement provider or viatical settlement broker has submitted or transmitted to the department the application for licensure that the person submitted to his or her home state; and(iii) the viatical settlement provider's or the viatical settlement broker's home state awards nonresident viatical settlement provider and viatical settlement broker licenses to residents of this State on the same basis.(e) Renewal.--A license issued under this section shall expire and may be renewed on the anniversary month of the initial date of licensure upon payment of the appropriate renewal fee and application with the department on a form required by the department. Failure to pay the fee or submit the renewal form within the terms required by the department shall be deemed voluntary termination of the license. The issuance of a renewal license to a viatical settlement provider shall be subject to approval of the appropriate application and financial information filed with the department.(f) Bond.--In order to be eligible for licensure or renewal as a viatical settlement provider, an applicant must be bonded or otherwise provide for its financial accountability in an amount required by the department.(g) Full disclosure.--The applicant shall provide information on forms required by the department. The department may, at any time, require the applicant to fully disclose the identity of all stockholders, investors, partners, officers, members and employees. The department may, in its discretion, refuse to issue a license in the name of a legal entity if not satisfied that any officer, employee, stockholder, partner or member thereof who may materially influence the applicant's conduct meets the standards set forth in this act.(h) Authorization.--A viatical settlement provider license issued to a legal entity authorizes all partners, officers, members and designated employees to act as a viatical settlement provider under the legal entity's viatical settlement provider license, and all such persons and any person having material influence over the entity shall be named in the application and any supplements to the application. A viatical settlement broker license issued to a legal entity authorizes only that entity to act as a viatical settlement broker, and such license does not authorize partners, officers, members and designated employees of the legal entity to act as viatical settlement brokers under the legal entity's license.(i) Investigation.--Upon the filing of an application and the payment of the license processing fee, the department shall make an investigation of each applicant and issue a license if the department finds that the applicant:(1) if a viatical settlement provider, has provided a detailed plan of operation;(2) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;(3) has a good business reputation and has had experience, training or education so as to be qualified in the business for which the license is applied for;(4) if a legal entity, provides a certificate of good standing from the state of its domicile;(5) has certified to the department implementation of an antifraud plan that meets the requirements of section 10(g) ; and(6) has provided the name of a designated agent for out-of-State companies.(j) Report.--A viatical settlement provider or viatical settlement broker shall provide to the department new or revised information about officers, 10% or more stockholders, partners, directors, members or designated employees within 30 days of the change.(k) Approval.--An application for license for a viatical settlement provider or viatical settlement broker shall be approved or disapproved by the department within 90 days of receipt of a completed application unless the applicant waives the time period.2002, July 4, P.L. 699, No. 107, § 3, effective in 180 days.