(a)

(1) Each person desiring to solicit or perform the services of an agent shall make application to the commission, upon forms to be provided by the commission.

(2) The application shall be accompanied by evidence of the good reputation and character of the applicant, in a form to be prescribed by the commission, and shall state the institution or institutions the applicant intends to represent.

(3) An agent representing more than one (1) institution must obtain a separate agent's permit for each institution represented; provided, that when an agent represents institutions having a common ownership, only one (1) agent's permit shall be required with respect to the institutions.

(4) In the event any institution the applicant intends to represent does not have authorization to operate in this state, the application shall be accompanied by the information required of institutions making application for authorization.

(5) The application for an agent's permit shall also be accompanied by evidence of a surety bond as required by this part, and payment of the fees specified in the bond.

(b) Following review of the application and any further information submitted by the applicant, or required by the commission, and investigation of the applicant that the commission deems necessary or appropriate, the commission shall either grant or deny an agent's permit to the applicant.

(c) The agent's permit shall be in a form recommended and approved by the commission and shall state in a clear and conspicuous manner at least the following information:

(1) The date of issuance, effective date and term;

(2) The correct name and address of the agent; and

(3) The institution or institutions the agent is authorized to represent.

(d) The term for which an agent's permit is issued shall not extend for more than one (1) year, and the permit may be issued for a lesser period of time.

(e)

(1) At least sixty (60) days prior to the expiration of an agent's permit, the agent shall complete and file with the commission an application form for renewal of the permit.

(2) The renewal application shall be reviewed and acted upon as provided in this section.