| (f) Partnership, corporation, or other business entity
license. A partnership, corporation, or other business entity may
file an application for a license to engage in business as a life
settlement broker or provider only if each owner, partner, director,
member, officer, and designated employee is named in the application.
(g) Notice of suspension or revocation. A life settlement
broker or provider must notify the department of, and must deliver
to the department a copy of, any applicable order or judgment not
later than the 30th day after the date of the:
(1) suspension or revocation of the life settlement
broker's or provider's right to transact business in another state;
(2) receipt of an order or notice of hearing to show
cause why the life settlement broker's or provider's license or license
in another state should not be suspended or revoked; or
(3) imposition of an administrative or criminal penalty,
forfeiture, or sanction on the life settlement broker or provider
for the violation of the laws of this state, any other state, or the
federal government.
(h) Effect of criminal conduct. An applicant for or
holder of a life settlement broker's or provider's license, including
each owner, partner, director, member, officer, and any person who
has ownership of 10 percent or greater of the applicant or the applicant's
stock, is subject to the requirements of Insurance Code §1111A.004
and Chapter 1, Subchapter D, of this title (relating to Effect of
Criminal Conduct).
(i) Requirement of additional information. In addition
to the information required in this section, the department may ask
for other information necessary to determine whether the applicant
complies with the requirements of Insurance Code §1111A.003 and
this subchapter for purposes of issuing or renewing a life settlement
broker's or provider's license. If an applicant does not respond to
a request for additional information within 10 days following the
date the applicant receives the request, the department will consider
the application withdrawn. The applicant can request an extension,
but must provide a reasonable basis for the need for additional time.
(j) Material change. If there is a material change
to any information provided in the application for license, the life
settlement broker or provider must submit written notification of
the change to the department not later than 30 days after the date
the change occurs, using the Application for Renewal, Surrender, or
Change of Information for a Life Settlement Provider or Broker form.
(k) Submission required for existing brokers and providers.
A life settlement broker or provider, including one operating under
a temporary license or operating under a certificate of authority
issued prior to September 1, 2011, must submit an application in accord
with this section not later than 30 days after the effective date
of this subchapter.
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