§ 58-89A-70. License issuance and maintenance. - North Carolina Statutes

§ 58‑89A‑70. License issuance and maintenance.

(a)        The Commissionershall issue a license to an applicant whom the Commissioner determines hassatisfied the requirements of this Article not later than the 90th day afterthe date on which the completed application is filed with the Commissioner. TheCommissioner shall notify an applicant of any deficiency in the application notlater than the 60th day after the date on which the Commissioner receives theapplication.

(b)        A license issued bythe Commissioner under this Article shall remain in effect until revoked,suspended, surrendered, or otherwise terminated.

(c)        By obtaininglicensure under this Article, the controlling persons of a licensee certify,under penalty of law, their compliance with the requirements of licensure andof operation as a professional employer organization pursuant to this Article.

(d)        Within 120 daysafter the end of each fiscal year, each licensee shall file with theCommissioner all of the following information:

(1)        Evidence of "financialresponsibility" as set forth in G.S. 58‑89A‑60(b).

(2)        Any informationrequired by G.S. 58‑89A‑60(a) for which there has been a changesince the last or initial filing. Any change of controlling persons may subjectthe licensee to a background investigation of those controlling persons asrequired by G.S. 58‑89A‑60.

(3)        The annual filingfee, pursuant to G.S. 58‑89A‑65.

(4)        Any otherinformation the Commissioner determines is needed for the review of a licensee.

(e)        In order tomaintain licensure, each licensee may be required to file with the Commissionerno later than 45 days after the end of each quarter of the fiscal year:

(1)        A financialstatement for the preceding quarter that is not audited but is set forth in aformat similar to the annual audited GAAP financial statement; and

(2)        An attestation,executed by the chief financial officer and the chief executive officer of thelicensee, that the licensee is current with respect to all of its obligationsfor payroll, payroll‑related taxes, workers' compensation insurance, andemployee benefits. If any of the obligations listed in this subdivision are indispute with a client and the disputed amount is material when considered inthe context of the licensee's most recent audited financial statement, then thelicensee shall disclose the nature of the dispute causing the obligations to beunpaid and the amount of money in controversy. (2004‑162, s. 1.)