20-1693.01. Licensure of vendors

A. The director may issue, and a vendor who intends to sell or offer insurance coverage under a portable electronics insurance policy is required to obtain, a limited lines license that authorizes the vendor to offer or sell insurance coverage under a portable electronics insurance policy.

B. A limited lines license issued under this section authorizes an employee or authorized representative of the vendor to sell or offer coverage under a portable electronics insurance policy to a customer at each location at which the vendor engages in portable electronics transactions.

C. An applicant for a portable electronics insurance license shall file with the director a written application that is in a form prescribed by the director and that is signed by the designated representative of the vendor who is the person responsible for the vendor's compliance with the requirements of this article. If the vendor derives more than fifty per cent of its revenue from the sale of portable electronics insurance the information in the written application shall be provided for all officers, directors and shareholders of record having beneficial ownership of ten per cent or more of any class of securities registered under the federal securities law.

D. A supervising entity shall maintain a registry of vendor locations that are authorized to sell or solicit portable electronics insurance coverage in this state. On the director's request, and with ten days' notice to the supervising entity, the registry shall be open to inspection and examination by the director during regular business hours of the supervising entity.

E. Notwithstanding any other law, a license issued pursuant to this section authorizes the licensee and its employees or authorized representatives to engage in those activities that are permitted in this article.