SEC. 83-49-7. License required for sponsor other than insurer; fee; disclosure of business relationships; denial of license.
(1) No person other than an insurer as defined herein shall act as a sponsor nor enter into any contract with an individual person or persons whereby such person or persons become subscribers to a prepaid legal services plan without first having obtained a license from the commissioner to act as sponsor of prepaid legal services in this state.
(2) The annual license fee shall be one hundred fifty dollars ($ 150.00). The fee for said license shall be paid to the commissioner for the use of the state on or before March 1 of each year.
(3) Before any licensee changes his address, he shall return his license to the commissioner who shall endorse the license indicating the change.
(4) The person to whom the license or the renewal thereof may be issued shall file sworn answers, subject to the penalties of perjury, to such interrogatories as the commissioner may require. The commissioner shall have authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers and employees, and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership or corporation if he is not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.
SOURCES: Laws, 1983, ch. 474, Sec. 4, eff from and after July 1, 1983.