§ 19-14.8-11 - Renewal of registration.
SECTION 19-14.8-11
§ 19-14.8-11 Renewal of registration.– (a) A provider must obtain a renewal of its registration annually.
(b) An application for renewal of registration as a providermust be in a form prescribed by the director, signed under oath or certifiedunder the penalties of perjury, and:
(1) Be filed in accordance with § 19-14-22;
(2) Be accompanied by the fee established by chapter 19-14and the bond required by this chapter;
(3) Contain the matter required for initial registration as aprovider by this chapter and a financial statement, audited by an accountantlicensed to conduct audits, for the applicant's fiscal year immediatelypreceding the application;
(4) Disclose any changes in the information contained in theapplicant's application for registration or its immediately previousapplication for renewal, as applicable;
(5) Supply evidence of insurance in an amount equal to thelarger of two hundred fifty thousand dollars ($250,000) or the highest dailybalance in the trust account required by this chapter during the six (6) monthperiod immediately preceding the application:
(A) Against risks of dishonesty, fraud, theft, and othermisconduct on the part of the applicant or a director, employee, or agent ofthe applicant;
(B) Issued by an insurance company authorized to do businessin this state and rated at least "A" by a nationally recognized ratingorganization;
(C) With no deductible;
(D) Payable to the applicant, the individuals who haveagreements with the applicant, and this state, as their interests may appear;and
(E) Not subject to cancellation by the applicant without theapproval of the director;
(6) Disclose the total amount of money received by theapplicant pursuant to plans during the preceding twelve (12) months from or onbehalf of individuals who reside in this state and the total amount of moneydistributed to creditors of those individuals during that period;
(7) Disclose, to the best of the applicant's knowledge, thegross amount of money accumulated during the preceding twelve (12) monthspursuant to plans by or on behalf of individuals who reside in this state andwith whom the applicant has agreements; and
(8) Provide any other information that the directorreasonably requires to perform the director's duties under this section.
(c) Except for the information required by subsections19-14.8-6(7), (14), and (17) and the addresses required by subsection19-14.8-6(4), the director shall make the information in an application forrenewal of registration as a provider available to the public.
(d) If a registered provider files a timely and completeapplication for renewal of registration, the registration remains effectiveuntil the director, in a record, notifies the applicant of a denial and statesthe reasons for the denial.
(e) If the director denies an application for renewal ofregistration as a provider, the applicant, within ten (10) days after receivingnotice of the denial, may appeal and request a hearing pursuant to chapter42-35. Subject to § 19-14.8-34, while the appeal is pending the applicantshall continue to provide debt-management services to individuals with whom ithas agreements. If the denial is affirmed, subject to the director's order and§ 19-14.8-34, the applicant shall continue to provide debt-managementservices to individuals with whom it has agreements until, with the approval ofthe director, it transfers the agreements to another registered provider orreturns to the individuals all unexpended money that is under the applicant'scontrol.