(1) A vendor may not issue, sell or offer for sale portable electronics insurance coverage unless the vendor has been issued a limited license by the Department of Consumer and Business Services under this section.

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(2)(a) An application for a limited license under this section must be submitted on a form in accordance with paragraph (b) of this subsection and accompanied by a fee as prescribed by the department by rule.

(b) The application must, at a minimum, include:

(A) The name and street address of an employee, agent or authorized representative of the vendor who is the person designated by the vendor as being responsible for the vendor’s compliance with ORS § 646A.820 to 646A.838; and

(B) The name and address in this state of a person designated by the vendor as the vendor’s agent upon whom may be served, in the manner described in ORS § 59.155, at any time any process, notice or demand in a civil proceeding brought in connection with portable electronics insurance coverage, including a proceeding brought by the Director of the Department of Consumer and Business Services.

(c) A vendor licensed under this section shall annually update the contact information provided to the department under paragraph (b) of this subsection.

(3)(a) A limited license issued under this section is valid for two years unless suspended or revoked by the department.

(b) A limited license may be renewed upon expiration for another two-year period upon application of the vendor and payment of a fee as prescribed by the department by rule.

(4) A vendor licensed under this section may not advertise, represent or otherwise hold itself out as being licensed to sell any other type of insurance unless the vendor is actually licensed under the laws of this state to sell the other type of insurance. [Formerly 646A.577]