(a) General rule.--No person shall engage in the business of viatical settlements as a viatical settlement provider or as a viatical settlement broker or otherwise operate as a viatical settlement provider or viatical settlement broker in this Commonwealth without first obtaining an appropriate license from the department and being considered by the department to be worthy of such licensure.

(b) Application.--Application for a viatical settlement provider or viatical settlement broker license shall be made to the department by the applicant on a form required by the department. An application for initial licensure as a viatical settlement provider shall include the following information in addition to any other information required by the department:

(c) Fees.--The following licensing fees shall be due at the time of initial and renewal application:

(e) Renewal.--A license issued under this section shall expire and may be renewed on the anniversary month of the initial date of licensure upon payment of the appropriate renewal fee and application with the department on a form required by the department. Failure to pay the fee or submit the renewal form within the terms required by the department shall be deemed voluntary termination of the license. The issuance of a renewal license to a viatical settlement provider shall be subject to approval of the appropriate application and financial information filed with the department.

(f) Bond.--In order to be eligible for licensure or renewal as a viatical settlement provider, an applicant must be bonded or otherwise provide for its financial accountability in an amount required by the department.

(g) Full disclosure.--The applicant shall provide information on forms required by the department. The department may, at any time, require the applicant to fully disclose the identity of all stockholders, investors, partners, officers, members and employees. The department may, in its discretion, refuse to issue a license in the name of a legal entity if not satisfied that any officer, employee, stockholder, partner or member thereof who may materially influence the applicant's conduct meets the standards set forth in this act.

(h) Authorization.--Aviatical settlement provider license issued to a legal entity authorizes all partners, officers, members and designated employees to act as a viatical settlement provider under the legal entity's viatical settlement provider license, and all such persons and any person having material influence over the entity shall be named in the application and any supplements to the application. A viatical settlement broker license issued to a legal entity authorizes only that entity to act as a viatical settlement broker, and such license does not authorize partners, officers, members and designated employees of the legal entity to act as viatical settlement brokers under the legal entity's license.

(i) Investigation.--Upon the filing of an application and the payment of the license processing fee, the department shall make an investigation of each applicant and issue a license if the department finds that the applicant:

(j) Report.--A viatical settlement provider or viatical settlement broker shall provide to the department new or revised information about officers, 10% or more stockholders, partners, directors, members or designated employees within 30 days of the change.

(k) Approval.--An application for license for a viatical settlement provider or viatical settlement broker shall be approved or disapproved by the department within 90 days of receipt of a completed application unless the applicant waives the time period.