§ 27-72-18 - Effective Date. [Effective July 1, 2010.]. - Rhode Island Statutes

SECTION 27-72-18

   § 27-72-18  Effective Date. [EffectiveJuly 1, 2010.]. – (a) A provider lawfully transacting business in this state prior to theeffective date of this act may continue to do so pending approval ordisapproval of that person's application for a license as long as theapplication is filed with the commissioner not later than thirty (30) daysafter publication by the commissioner of an application form and instructionsfor licensure of providers. If the publication of the application form andinstructions is prior to the effective date of this act, then the filing of theapplication shall not be later than thirty (30) days after the effective dateof this act. During the time that such an application is pending with thecommissioner, the applicant may use any form of life settlement contract thathas been filed with the commissioner pending approval thereof, provided thatsuch form is otherwise in compliance with the provisions of this chapter. Anyperson transacting business in this state under this provision shall beobligated to comply with all other requirements of this chapter.

   (b) A person who has lawfully negotiated life settlementcontracts between any owner residing in this state and one or more providersfor at least one year immediately prior to the effective date of this act maycontinue to do so pending approval or disapproval of that person's applicationfor a license as long as the application is filed with the commissioner notlater than thirty (30) days after publication by the commissioner of anapplication form and instructions for licensure of brokers. If the publicationof the application form and instructions is prior to the effective date of thischapter, then the filing of the application shall not be later than thirty (30)days after the effective date of this act. Any person transacting business inthis state under this provision shall be obligated to comply with all otherrequirements of this chapter.