Montana Code 33-20-1304. Issuance of license
33-20-1304. Issuance of license. (1) The commissioner may issue a license to the applicant if the commissioner determines that the applicant:
Terms Used In Montana Code 33-20-1304
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Viatical settlement broker: means an individual who, for a fee, commission, or other consideration:
(i)offers or advertises the availability of viatical settlement contracts;
(ii)introduces holders of life insurance policies or certificates insuring the lives of individuals with a terminal illness or condition to viatical settlement providers; or
(iii)offers or attempts to negotiate viatical settlement contracts between the policyholders or certificate holders and one or more viatical settlement providers. See Montana Code 33-20-1302
- Viatical settlement provider: means a person who solicits, enters into, or negotiates viatical settlement contracts or offers to enter into or negotiate viatical settlement contracts. See Montana Code 33-20-1302
(a)has satisfied all of the requirements for the license for which an application is made;
(b)has not engaged in conduct that would authorize the commissioner to refuse to issue a license under this part; and
(c)is financially responsible and has a good business reputation.
(2)If the commissioner denies an application, the commissioner shall inform the applicant and state the grounds for the denial.
(3)An individual may act as a viatical settlement provider or viatical settlement broker under the authority of the license of a firm or of a corporate viatical settlement provider whether or not the individual holds a license as a viatical settlement provider if:
(a)the individual is a member or employee of the firm or is an employee, officer, or director of the corporation; and
(b)the individual is designated by the firm or corporation on its license application or on a form that amends or supplements the application as being authorized to act as a viatical settlement provider under the authority of the license.