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Current through October 23, 2012
(a) No person shall engage in the business of financing insurance premiums in the District without first having obtained a license as a premium finance company from the Commissioner. Any person who shall engage in the business of financing insurance premiums in the District without obtaining a license as provided hereunder shall, upon conviction in the Superior Court of the District of Columbia, be guilty of a misdemeanor and shall be subject to the penalties in § 31-2502.42.
(b) The annual license fee shall be $150. Licenses may be renewed from year to year as of the 1st day of May of each year upon payment of the fee of $150. The fee for said license shall be paid through the Commissioner to the District of Columbia Treasurer.
(c) The person to whom the license or the renewal thereof may be issued shall file sworn answers, subject to the penalties of perjury, to such interrogatories as the Commissioner may require. The Commissioner shall have authority, at any time, to require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.
(d) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47.
(Oct. 9, 1940, ch. 792, ch. III, § 53; Apr. 18, 1966, 80 Stat. 126, Pub. L. 89-403, § 1; July 29, 1970, 84 Stat. 570, Pub. L. 91-358, title I, § 155(a); June 14, 1994, D.C. Law 10-128, § 403(b), 41 DCR 2096; May 21, 1997, D.C. Law 11-268, § 10(r)(3), 44 DCR 1730; Apr. 20, 1999, D.C. Law 12- 261, § 2003(ii), 46 DCR 3142; Oct. 28, 2003, D.C. Law 15-38, § 3(v), 50 DCR 6913.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 35-1553.
1973 Ed., § 35-1363.
Effect of Amendments
D.C. Law 15-38, in subsec. (d), substituted "Financial Services endorsement to a basic business license under the basic" for "Class A Financial Services endorsement to a master business license under the master".
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 3(v) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896).
Legislative History of Laws
For legislative history of D.C. Law 10-128, see Historical and Statutory Notes following § 31-2502.41.
For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-2501.03.
Law 12-261, the "Second Omnibus Regulatory Reform Amendment Act of 1998", was introduced in Council and assigned Bill No. 12-845, which was referred to the Committee of the Whole. The Bill was adopted on first and second reading on December 1, 1998, and December 15, 1998, respectively. Signed by the Mayor on December 31, 1998, it was assigned Act No. 12-615, and transmitted to both Houses of Congress for review. D.C. Law 12-261 became effective on April 20, 1999.
Law 15-38, the "Streamlining Regulation Act of 2003", was introduced in Council and assigned Bill No. 15-19, which was referred to Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on June 3, 2003, and July 8, 2003, respectively. Signed by the Mayor on August 11, 2003, it was assigned Act No. 15-146 and transmitted to both Houses of Congress for its review. D.C. Law 15-38 became effective on October 28, 2003.
Miscellaneous Notes
Department of Insurance abolished: See Historical and Statutory Notes following § 31-2501.03.
