Section 223. (a) If there is more than 1 owner on a single policy and the owners are residents of different states, the life settlement contract shall be governed by the law of the state in which the owner having the largest percentage of ownership resides or, if the owners hold equal ownership, the state of residence of 1 owner agreed upon in writing by all of the owners. The law of the state of the insured shall govern in the event that equal owners fail to agree in writing upon a state of residence for jurisdictional purposes.

(b) A life settlement provider from the commonwealth who enters into a life settlement contract with an owner who is a resident of another state that has enacted laws or adopted regulations governing life settlement contracts shall be governed in the effectuation of that life settlement contract by the laws and regulations of the owner's state of residence. If the state in which the owner is a resident has not enacted laws or regulations governing life settlement contracts, the life settlement provider shall give the owner notice that neither state regulates the transaction upon which the owner is entering. For transactions in those states, however, the life settlement provider shall maintain all records required if the transactions were executed in the owner's state of residence. The forms used in those states shall not require the approval of the commissioner.

(c) If there is a conflict in the laws that apply to an owner and a purchaser in an individual transaction, the laws of the state that apply to the owner shall take precedence and the provider shall comply with those laws.