38.2-1865.5 - Requirement to report to Commission. - Virginia Statutes

§ 38.2-1865.5. Requirement to report to Commission.

A. Each licensed viatical settlement broker shall report, in writing, anychange in business or residence address or name within thirty calendar daysto the Commission.

B. In addition to the requirements of §§ 59.1-69 and 59.1-70, any individualor business entity licensed as a viatical settlement broker in thisCommonwealth and operating under an assumed or fictitious name shall notifythe Commission, at the earlier of the time the application for a viaticalsettlement broker license is filed or within thirty calendar days from thedate the assumed or fictitious name is adopted, setting forth the name underwhich the viatical settlement broker intends to operate in Virginia. TheCommission shall also be notified within thirty calendar days from the dateof cessation of the use of such assumed or fictitious name.

C. Each licensed viatical settlement broker convicted of a felony shallreport within thirty calendar days to the Commission the facts andcircumstances regarding the criminal conviction.

D. Each licensed viatical settlement broker shall report to the Commissionwithin thirty calendar days of the final disposition of the matter anyadministrative action taken against him in another jurisdiction or by anothergovernmental agency in this Commonwealth. Such report shall include a copy ofthe order, consent to order or other relevant legal documents.

E. The license authority of any licensed resident viatical settlement brokershall terminate immediately when such viatical settlement broker has movedhis residence from this Commonwealth, whether or not the Commission has beennotified of such move.

(2001, c. 706.)