33-24-206. Application for vendor license -- fees. (1) An applicant for a license under this part shall file with the commissioner an application on forms prescribed by the commissioner.
     (2) The application must provide:
     (a) the name, residence address, and other information required by the 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 this part, and if the vendor derives more than 50% of its revenue from the sale of portable electronics insurance, the information required by this subsection (2)(a) must be provided for all officers, directors, and shareholders of record having beneficial ownership of 10% or more of any class of securities registered under federal securities law; and
     (b) the location of the applicant's home office.
     (3) Any vendor engaging in portable electronics insurance transactions on or before August 1, 2013, shall apply for licensure within 90 days of the application being made available by the commissioner. Any applicant commencing operations after August 1, 2013, shall obtain a license prior to offering portable electronics insurance.
     (4) Initial licenses issued under this part are valid for a period of 24 months.
     (5) Each vendor of portable electronics licensed under this part shall pay to the commissioner a fee determined by the commissioner as follows:
     (a) for a vendor that is engaged in portable electronics transactions at 10 or fewer locations in the state, the fee may not exceed $100 for an initial license or for each renewal; and
     (b) for a vendor that is engaged in portable electronics transaction at more than 10 locations in the state, the fee may not exceed $1,000 for an initial license or $500 for each renewal.

     History: En. Sec. 6, Ch. 406, L. 2013.