Oklahoma § 36-6676 - License application requirements

§ 36-6676. License application requirements

A. A sworn application for the license provided for in Section

6671 of this title shall be made to and filed with the Insurance

Commissioner on forms prescribed and furnished by the Insurance

Commissioner.

B. The application shall:

1. Provide the name, residence address, and other information

required by the Insurance Commissioner for an employee or officer of

the vendor that is designated by the applicant as the person

responsible for the vendor's compliance with the requirements of

Sections 6670 through 6676 of this title and update such information

within thirty (30) days of a change in the same. If the vendor

derives more than fifty percent (50%) of its revenue from the sale

of portable electronics insurance, the information required in this

subparagraph shall be provided for all officers, directors, and

shareholders of record having beneficial ownership of ten percent

(10%) or more of any class of securities registered under the

federal securities law;

2. Appoint the Insurance Commissioner as the applicant's

attorney to receive service of all legal process issued against it

in any civil action or proceeding in this state and agreeing that

process so served shall be valid and binding against the applicant.

The appointment shall be irrevocable, shall bind the company and any

successor in interest as the assets or liabilities of the applicant,

and shall remain in effect as long as the applicant's license

remains in force in this state; and

3. Specify the location of the applicant's home office.

C. Applications for licensure pursuant to Section 6671 of this

title shall be made within ninety (90) days of the application being

made available by the Insurance Commissioner.

D. Initial licenses issued pursuant to Section 6671 of this

title shall be valid for a period of twenty-four (24) months.

E. Each vendor of portable electronics licensed pursuant to

Sections 6670 through 6676 of this title shall pay to the Insurance

Commissioner a fee as prescribed by the Insurance Commissioner but

in no event shall the fee exceed One Thousand Dollars ($1,000.00)

for an initial portable electronics limited lines license and Five

Oklahoma Statutes - Title 36. Insurance

Hundred Dollars ($500.00) for each renewal thereof. For a vendor

that is engaged in portable electronics transactions at ten or fewer

locations in the state the fee shall not exceed One Hundred Dollars

($100.00) for an initial license and for each renewal thereof.

Added by Laws 2011, c. 93, § 7, eff. Nov. 1, 2011. Amended by Laws

2012, c. 147, § 5, eff. Nov. 1, 2012.

NOTE: Editorially renumbered from Title 36, Section 6636 to provide

consistency in numbering.