333.320. Seller license required--application procedure--renewal of licensure--expiration of license. - Missouri Statutes

Seller license required--application procedure--renewal oflicensure--expiration of license.

333.320. 1. No person shall sell, perform, or agree to perform theseller's obligations under, or be designated as the seller of, any preneedcontract unless, at the time of the sale, performance, agreement, ordesignation, such person is licensed by the board as a seller andauthorized and registered with the Missouri secretary of state to conductbusiness in Missouri.

2. An applicant for a preneed seller license shall:

(1) File an application on a form established by the board and pay anapplication fee in an amount established by the board by rule;

(2) Be an individual resident of Missouri who is eighteen years ofage or older, or a business entity registered with the Missouri secretaryof state to transact business in Missouri;

(3) If the applicant is a corporation, each officer, director,manager, or controlling shareholder, shall be eligible for licensure ifthey were applying for licensure as an individual;

(4) Meet all requirements for licensure;

(5) Identify the name and address of a custodian of recordsresponsible for maintaining the books and records of the seller relating topreneed contracts;

(6) Identify the name and address of each licensed provider that hasauthorized the seller to designate such person as a provider under apreneed contract;

(7) Have established, as grantor, a preneed trust or an agreement toutilize a preneed trust with terms consistent with sections 436.400 to436.520, RSMo. A trust shall not be required if the applicant certifies tothe board that the seller will only sell insurance-funded or jointaccount-funded preneed contracts;

(8) Identify the name and address of a trustee or, if applicable, thefinancial institution where any preneed trust or joint accounts will bemaintained; and

(9) File with the board a written consent authorizing the state boardto inspect or order an investigation, examination, or audit of the seller'sbooks and records which contain information concerning preneed contractssold by or on behalf of the seller.

3. Each seller shall apply to renew his or her license on or beforeOctober thirty-first of each year or a date established by the division ofprofessional registration pursuant to section 324.001, RSMo. A licensewhich has not been renewed prior to the renewal date shall expire.Applicants for renewal shall:

(1) File an application for renewal on a form established by theboard by rule;

(2) Pay a renewal fee in an amount established by the board by rule;and

(3) File annually with the board a signed and notarized annual reportas required by section 436.460, RSMo.

4. Any license which has not been renewed as provided by this sectionshall expire. A licensee who fails to apply for renewal within two yearsof the renewal date may apply for reinstatement by satisfying therequirements of subsection 3 of this section and paying a delinquent fee asestablished by the board by rule.

(L. 2009 S.B. 1)