Massachusetts General Laws ch. 255C sec. 3 – Application for license; issuance or refusal of license; fees; duration of license; multi-state licensing system
Section 3. Each application for a license to engage in the business of a premium finance agency shall be in writing and in the form prescribed by the commissioner, and shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provision of section three B of the chapter seven.
Terms Used In Massachusetts General Laws ch. 255C sec. 3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
The commissioner shall, within ninety days after receipt of any such application, notify the applicant (1) that such license has been approved and will be issued upon payment of the appropriate license fee or (2) that his application for such license has been denied. The commissioner may refuse to issue a license if he finds that the financial responsibility, experience, character and general fitness of the applicant or any person associated with the applicant are not such as to command the confidence of the community and to warrant the belief that the business will be conducted honestly, fairly and efficiently.
Upon receipt of the license fee the commissioner shall execute the license to engage in the business of a premium finance agency at the location specified in the application and shall transmit said license to the applicant.
The refusal of the commissioner to issue a license shall not entitle the applicant to a return of any part of the investigation fee which accompanied his application.
The fee for each license shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven except as provided in section eleven. Each license shall be issued for the calendar year and shall remain in full force and effect until the thirty-first day of December unless suspended, revoked or surrendered as provided in section five.
The commissioner may participate in a multi-state licensing system for the sharing of regulatory information and for the licensing and application, by electronic or other means, of entities engaged in the business of insurance premium financing. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions of this section and sections 2 and 4. The commissioner may require a background investigation of each applicant for an insurance premium financing license by means of fingerprint and state and national criminal history record checks by the department of criminal justice information services pursuant to section 172 of chapter 6 and the Federal Bureau of Investigation. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require a background investigation for each member, director and principal officer of the applicant and any individual acting as a manager of an office location. The applicant shall pay directly to the multi-state licensing system any additional fees relating to participation in the multi-state licensing system.