2004 Minnesota Statutes

     60A.972 Viatical settlement brokers. 

    Subdivision 1.    License.  A viatical settlement broker 
 may not solicit a viatical settlement contract without first 
 obtaining a license from the commissioner of commerce. 

    Subd. 2.    Form.  An applicant for a viatical 
 settlement broker license shall submit an application to the 
 commissioner on a form prescribed by the commissioner. 

    Subd. 3.    Fees.  The licensing fee for a viatical 
 settlement broker is $750 for initial licensure and $250 for 
 each annual renewal.  Failure to pay the renewal fee within the 
 time required by the commissioner results in an automatic 
 revocation of the license.  The fees must be limited to the cost 
 of license administration and enforcement and must be deposited 
 in the state treasury, credited to a special account, and 
 appropriated to the commissioner. 

    Subd. 4.    License limitation.  The license is a 
 limited license which allows solicitation only of viatical 
 settlements. 

    Subd. 5.    License revocation.  The commissioner may 
 suspend, revoke, or refuse to renew the license of a viatical 
 settlement broker if the commissioner finds that: 

    (1) there was any misrepresentation in the application for 
 a license; 

    (2) the broker has been found guilty of fraudulent or 
 dishonest practices, has been found guilty of a felony or a 
 misdemeanor of which criminal fraud is an element, or is 
 otherwise shown to be untrustworthy or incompetent; 

    (3) the licensee has placed or attempted to place a 
 viatical settlement with a viatical settlement provider not 
 licensed in this state; or 

    (4) the licensee has violated any of the provisions of 
 sections 60A.961 to 60A.974. 

    Subd. 6.    Agent.  In the absence of a written 
 agreement making the broker the viator's agent, viatical 
 settlement brokers are presumed to be agents of viatical 
 settlement providers. 

    Subd. 7.    Compensation prohibited.  A viatical 
 settlement broker must not, without the written agreement of the 
 viator obtained before performing any services in connection 
 with a viatical settlement, seek or obtain any compensation from 
 the viator. 

    HIST: 1995 c 151 s 13; 1999 c 250 art 3 s 7