N.Y. ISC Law § 7804 — New York Code / Act ISC / Article 78 / Section 7804
Registration requirements for life settlement intermediaries
Status: in_force

§ 7804. Registration requirements for life settlement intermediaries.\n(a) No person shall act as a life settlement intermediary in this state\nwithout having authority to do so by virtue of a registration issued and\nin force pursuant to this article.\n  (b)(1) The superintendent may issue a life settlement intermediary\nregistration to any person who:\n  (A) is deemed by the superintendent to be trustworthy and competent to\nact as a life settlement intermediary;\n  (B) is otherwise qualified as required in this article; and\n  (C) has complied with the prerequisites prescribed in this article.\n  (2) Every registration issued pursuant to this section shall expire on\nJune thirtieth of odd-numbered years.\n  (c)(1) Application for a life settlement intermediary registration\nshall be made to the superintendent by the applicant on a form\nprescribed by the superintendent, and the application shall be\naccompanied by a fee in an amount established by the superintendent.\n  (2) The applicant for a life settlement intermediary registration\nshall provide:\n  (A) the state in which the life settlement intermediary is domiciled\nor resident;\n  (B) the principal place of business of the life settlement\nintermediary;\n  (C) all other states in which the life settlement intermediary is\ndoing or intends to do business;\n  (D) a detailed plan of operation; and\n  (E) the identities of the life settlement intermediary executive\nofficer or officers directly responsible for such business, and all\nstockholders (except stockholders owning fewer than ten percent of the\nvoting shares of a life settlement intermediary whose shares are\npublicly traded), partners, officers, members, directors and persons\nwith a controlling interest. For purposes of this section, "controlling\ninterest" means a person who directly or indirectly, has the power to\ncause to be directed the management, control or activities of such\nregistrant.\n  (d) Each life settlement intermediary that is required to register\npursuant to this section shall also furnish such information as may be\nrequired by the superintendent to:\n  (1) verify that the person or persons qualify as a life settlement\nintermediary; and\n  (2) determine compliance with any applicable state law.\n  (e)(1) As part of the application, the applicant shall submit a power\nof attorney designating the superintendent as agent for the purpose of\nreceiving service of legal documents or process.\n  (2) The power of attorney shall include the name and address of the\nofficer, agent, or other person to whom such legal documents or process\nshall be forwarded by the superintendent or his or her deputy on behalf\nof such life settlement provider.\n  (3) Service of legal documents or process upon a life settlement\nprovider pursuant to this subsection shall be made by serving the\nsuperintendent, any deputy superintendent or any salaried employee of\nthe department whom the superintendent designates for such purpose with\ntwo copies thereof and the payment of a fee of forty dollars. The\nsuperintendent shall forward a copy of such legal documents or process\nby registered or certified mail to the life settlement provider at the\naddress given in its written certificate of registration, and shall keep\na record of all legal documents or process so served. Service of legal\ndocuments or process so made shall be deemed made within the territorial\njurisdiction of any court in this state.\n  (f) The superintendent may require an applicant for such registration\nto submit a set of fingerprints. Such fingerprints shall be submitted to\nthe division of criminal justice services for a state criminal history\nrecord check, as defined in subdivision one of section three thousand\nthirty-five of the education law, and may be submitted to the federal\nbureau of investigation for a national criminal history record check.\nAll such criminal history records sent to the superintendent pursuant to\nthis paragraph shall be confidential pursuant to the applicable federal\nand state laws, rules and regulations, and shall not be published or in\nany way disclosed to persons other than the superintendent, unless\notherwise authorized by law. The superintendent shall provide such\napplicant with a copy of his or her criminal history record, if any,\ntogether with a copy of article twenty-three-A of the correction law,\nand inform such applicant of his or her right to seek correction of any\nincorrect information contained in such record pursuant to regulations\nand procedures established by the division of criminal justice services.\nAll determinations to grant or deny clearance for registration pursuant\nto this section shall be in accordance with subdivision sixteen of\nsection two hundred ninety-six of the executive law and article\ntwenty-three-A of the correction law. When the superintendent denies an\napplication, written notice of such determination shall be given to the\nprospective applicant who shall be afforded notice and the right to be\nheard and offer proof in opposition to such determination.\n  (g) The superintendent, in the exercise of the superintendent's\ndiscretion, may refuse to issue a life settlement intermediary\nregistration in the name of any person if not satisfied that any\nofficer, employee, stockholder, partner, director, member, agent, or\nresponsible person thereof who may materially influence the applicant's\nconduct meets the standards of this article.\n  (h) Every registration issued pursuant to this section may be renewed\nfor the ensuing period of twenty-four months upon the filing of an\napplication in conformity with this section.\n  (i)(1) Before the renewal of any life settlement intermediary\nregistration shall be issued, an application for renewal of the\nregistration shall be made to the superintendent by the applicant on a\nform prescribed by the superintendent and containing such information as\nthe superintendent may prescribe, and the application shall be\naccompanied by a fee in an amount to be established by the\nsuperintendent.\n  (2) If an application for renewal registration shall have been filed\nwith the superintendent before the expiration of the registration, the\nregistration sought to be renewed shall continue in full force and\neffect either until the issuance by the superintendent of the renewal\nregistration applied for or until five days after the superintendent\nshall have refused to issue such renewal registration and shall have\ngiven notice of such refusal to the applicant. Before refusing to renew\nany such registration, the superintendent shall notify the applicant of\nthe superintendent's intention to do so and shall give such applicant a\nhearing.\n  (3) An application for the renewal of a registration shall be filed\nwith the superintendent not less than sixty days prior to the date the\nregistration expires or the applicant may be subject to a further fee\nfor late filing, as prescribed by the superintendent.\n  (j) A life settlement intermediary shall, as to any subsequent changes\nin any of the items set forth in paragraph two of subsection (c) and\nparagraph one of subsection (d) of this section, notify the\nsuperintendent in writing within thirty days of any such change.\n  (k) Every individual applicant for registration under this section\nshall be eighteen years of age or older at the time of the issuance of\nsuch registration.\n