1999 Minnesota Statutes

     59A.03 Licenses; penalty. 

    Subdivision 1.  No person other than a savings association, 
 bank, savings bank, trust company, regulated lender, industrial 
 loan and thrift company, credit union or resident insurance 
 agent who, within 15 days after entering into an insurance 
 premium finance agreement, transfers such agreement to a 
 licensee or to any of the organizations exempt under this 
 subdivision may engage in the business of entering into, 
 acquiring or holding insurance premium finance agreements unless 
 licensed to do so by the commissioner.  A violation of this 
 subdivision is a misdemeanor. 

    Subd. 2.  The applicant at the time of making application, 
 shall pay to the commissioner the sum of $250 as a fee for 
 investigating the application, and the additional sum of $200 as 
 an annual licensee fee for a period terminating on May 31 of 
 each year.  In addition to the annual license fee, every 
 licensee shall pay to the commissioner the actual costs of each 
 examination as may be required to be conducted under the terms 
 of sections 59A.01 to 59A.15. 

    Subd. 3.  The person to whom the license or the renewal 
 thereof may be issued shall file sworn answers to such 
 interrogatories as the commissioner may require.  The 
 commissioner shall have authority, at any time, to require the 
 applicant to fully disclose the identity of all stockholders, 
 partners, officers and employees and may refuse to issue or 
 issue a license in the name of any firm, partnership, or 
 corporation if not satisfied that any officer, employee, 
 stockholder or partner thereof, who may materially influence the 
 applicant's conduct, meets the standards of sections 59A.01 to 
 59A.15. 

    HIST: 1974 c 353 s 3; 1976 c 2 s 34; 1976 c 111 s 1; 1986 c 
 444; 1994 c 382 s 13; 1995 c 202 art 1 s 25; 1999 c 151 s 37