(a) General rules.--A viatical settlement provider entering into a viatical settlement contract shall first obtain:

(b) Notice to insurer.--Within 20 days after a viator executes documents necessary to transfer any rights under an insurance policy or within 20 days of entering any agreement, option, promise or any other form of understanding, expressed or implied, to viaticate the policy, the viatical settlement provider shall give written notice to the insurer that issued that insurance policy that the policy has or will become a viaticated policy. If the viator is terminally or chronically ill, the notice must be accompanied by a written statement from the viator required by subsection (a)(1)(iv).

(c) Multiple viators.--If there is more than one viator on a single policy and the viators are residents of different states, the viatical settlement shall be governed by the law of the state in which the viator having the largest percentage ownership resides or, if the viators hold equal ownership, the state of residence of one viator agreed upon in writing by all viators.

(d) Fiduciary responsibility of viatical settlement broker.--Notwithstanding the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator' s instructions and in the best interest of the viator.

(f) Viatical settlement broker's performance acceptable.--If a viatical settlement broker performs the provisions enumerated in this section on behalf of a viatical settlement provider, the viatical settlement provider is deemed to have fulfilled the requirements of this section, provided that the viatical settlement provider shall remain responsible for any failure of the viatical settlement broker to have fulfilled the requirements of this section.

(g) Health and financial information.--All health or financial information solicited or obtained by any licensee shall be subject to the applicable provision of Federal and State law relating to confidentiality and disclosure of such information.

(h) Rescission.--All viatical settlement contracts entered into in this State shall provide the viator with an unconditional right to rescind the contract for 30 days from the date of contract and at least 15 calendar days from the receipt of the viatical settlement proceeds by the viator. If the insured dies during the rescission period, the viatical settlement contract shall be deemed to have been rescinded, subject to repayment to the viatical settlement provider of all viatical settlement proceeds.

(i) Transfer of proceeds.--The viatical settlement provider shall instruct the viator to send the executed documents required to effect the change in ownership, assignment or change in beneficiary directly to the independent escrow agent. Within three business days after the date the escrow agent receives the document, the proceeds of the viatical settlement shall be placed into an escrow or trust account maintained in a federally or State- chartered financial institution whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Upon payment of the settlement proceeds into the escrow account, the escrow agent shall deliver the original change in ownership, assignment or change in beneficiary forms to the viatical settlement provider or related provider trust. Upon the licensed provider's receipt of the properly completed acknowledgment of the transfer of ownership, assignment or designation of beneficiary from the insurance company, the licensed provider shall instruct the escrow agent to pay the settlement proceeds to the viator. Payment shall be made within three business days of the date the provider received the acknowledged forms from the insurance company.

(j) Deadline.--Failure to tender consideration to the viator for the viatical settlement contract within the time disclosed pursuant to section 7(a)² or at all renders the viatical settlement contract voidable by the viator for lack of consideration until the time consideration is tendered to and accepted by the viator.

(l) Commission.--No viatical settlement broker shall receive from a viatical settlement provider a fee, commission or other valuable consideration for services rendered to or in connection with viators residing in this Commonwealth unless the viatical settlement provider is licensed in this Commonwealth.

(m) Prohibition.--No person who invests in a viaticated policy or broker or provider, including, but not limited to, a participant in a financing transaction, shall influence the treatment of the insured's illness.