As Amended
SEC. 81-18-23. Annual written report by licensee. [Repealed effective July 1, 2007].
(1) Each company shall annually, on or before January 31, file a written report with the department containing the December 31 information that the department may reasonably require concerning the company's business and operations during the preceding calendar year. The report shall be made in the form prescribed by the department.
(2) Any company that fails to file with the department by January 31 the report required by this section shall be subject to a late penalty of Ten Dollars ($10.00) for each day after January 31 the report is delinquent, but in no event shall the aggregate of late penalties exceed Two Hundred Dollars ($200.00).
(3) The department, in its discretion, may relieve any company from the payment of any penalty, in whole or in part, for good cause.
(4) If a company fails to pay a penalty from which it has not been relieved, the department may maintain an action at law to recover the penalty.
(5) Within fifteen (15) days of the occurrence of any of the following events, a company shall file a written report with the commissioner describing the event and its expected impact on the activities of the company in this state:
(a) The filing for bankruptcy or reorganization by the company;
(b) The institution of revocation or suspension proceedings against the company by any state or governmental authority;
(c) Any felony indictment of the company or any of its directors, executive officers, principals or loan originators; or
(d) Any felony conviction of the company or any of its directors, executive officers, principals or loan originators.
(6) If the owner or principal of a company is involved in a civil action concerning the company, then he shall notify the commissioner in writing within sixty (60) days after the initial filing of the civil action.
SOURCES: Laws, 2000, Ch.579, §12, SB3100; Reenacted without change, Laws, 2002, ch. 500, § 13, HB 1522; Laws, 2004, ch. 364, § 13, HB 788, eff from and after passage (approved Apr. 20, 2004.).
PREVIOUS VERSIONS: Pre-2004.