New Hampshire Revised Statutes 415-B:2 – License Required
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I. No person shall engage in the business of a premium finance company in this state without having first obtained a premium finance company license from the commissioner, except as provided in paragraph IV.
II. The annual license fee shall be $200. Licenses may be renewed from year to year as of July 1 of each year upon payment of the license fee to the commissioner. Additionally, a premium finance company established in this state shall file with the commissioner proof of minimum capital and surplus in an amount equal to or greater than $250,000, or shall file with the commissioner a surety bond or equivalent acceptable to the commissioner in the amount of $250,000.
III. The commissioner may, at any time, 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 person, 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 N.H. Rev. Stat. § 415-B:3, II.
IV. This section shall not require any insurance company, agent, broker, association, exchange, building or savings and loan association, bank, thrift institution, trust company, small loan company, industrial loan company or credit union authorized to do business in this state financing premiums on policies to be additionally licensed under this chapter; provided, however, that all other provisions of this chapter shall apply to such persons.
II. The annual license fee shall be $200. Licenses may be renewed from year to year as of July 1 of each year upon payment of the license fee to the commissioner. Additionally, a premium finance company established in this state shall file with the commissioner proof of minimum capital and surplus in an amount equal to or greater than $250,000, or shall file with the commissioner a surety bond or equivalent acceptable to the commissioner in the amount of $250,000.
Terms Used In New Hampshire Revised Statutes 415-B:2
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
III. The commissioner may, at any time, 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 person, 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 N.H. Rev. Stat. § 415-B:3, II.
IV. This section shall not require any insurance company, agent, broker, association, exchange, building or savings and loan association, bank, thrift institution, trust company, small loan company, industrial loan company or credit union authorized to do business in this state financing premiums on policies to be additionally licensed under this chapter; provided, however, that all other provisions of this chapter shall apply to such persons.