1. A. A sworn application for the license provided for in Section 2 of this act shall be made to and filed with the Insurance Commissioner on forms prescribed and furnished by the Insurance Commissioner.

2. B. The application shall:

   1. 1. Provide the name, residence address, and other information required by the Insurance Commissioner for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor’s compliance with the requirements of Sections 1 through 7 of this act. If the vendor derives more than fifty percent (50%) of its revenue from the sale of portable electronics insurance, the information noted above shall be provided for all officers, directors, and shareholders of record having beneficial ownership of ten percent (10%) or more of any class of securities registered under the federal securities law;
   2. 2. Appoint the Insurance Commissioner as the applicant’s attorney to receive service of all legal process issued against it in any civil action or proceeding in this state and agreeing that process so served shall be valid and binding against the applicant. The appointment shall be irrevocable, shall bind the company and any successor in interest as the assets or liabilities of the applicant, and shall remain in effect as long as the applicant’s license remains in force in this state; and
   3. 3. Specify the location of the applicant’s home office.
3. C. Applications for licensure pursuant to Section 2 of this act shall be made within ninety (90) days of the application being made available by the Insurance Commissioner.
4. D. Initial licenses issued pursuant to the Section 2 of this act shall be valid for a period of twenty-four (24) months.
5. E. Each vendor of portable electronics licensed pursuant to Sections 1 through 7 of this act shall pay to the Insurance Commissioner a fee as prescribed by the Insurance Commissioner but in no event shall the fee exceed One Thousand Dollars ($1,000.00) for an initial portable electronics limited lines license and Five Hundred Dollars ($500.00) for each renewal thereof. For a vendor that is engaged in portable electronics transactions at ten or fewer locations in the state the fee shall not exceed One Hundred Dollars ($100.00) for an initial license and for each renewal thereof.

Laws 2011, SB 801, c. 93, § 7, eff. November 1, 2011.