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<section article="gcj" article_name="Courts and Judicial Proceedings" number="5-1108" title_number="5" title_name="Limitations, Prohibited Actions, and Immunities" subtitle_number="11" subtitle_name="Structured Settlements">
  <level label="a">
    <level label="1">
      <text>To apply for registration as a structured settlement transferee, an applicant shall:</text>
      <level label="i">
        <text>Submit to the Attorney General under oath an application on the form provided by the Attorney General; and</text>
      </level>
      <level label="ii">
        <text>Pay a registration fee of $2,000, of which $1,500 shall be refundable in the event that the Attorney General denies the application for registration.</text>
      </level>
    </level>
    <level label="2">
      <text>All fees collected under this subsection shall be used to administer the registration program.</text>
    </level>
    <level label="3">
      <text>In the case of an applicant that, at the time of its application, is not registered with the Attorney General as a structured settlement transferee, the Attorney General shall grant or deny an application for registration within 90 days of submission of the complete application and all applicable fees.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>The Attorney General may require a structured settlement transferee to reapply for registration on an annual basis or less frequently, as the Attorney General determines.</text>
    </level>
    <level label="2">
      <text>In the case of a registrant applying for renewal of its registration, the Attorney General shall grant or deny an application for registration within 30 days of submission of the complete application and all applicable fees.</text>
    </level>
  </level>
  <level label="c">
    <text>If the Attorney General determines that additional information from an applicant is needed, the Attorney General may extend unilaterally the deadline for granting or denying the application for registration by an additional 60 days.</text>
  </level>
  <level label="d">
    <text>The application for registration as a structured settlement transferee shall require an applicant to provide:</text>
    <level label="1">
      <text>The applicant’s full name;</text>
    </level>
    <level label="2">
      <text>The address of the applicant’s principal office or place of business;</text>
    </level>
    <level label="3">
      <text>In the case of an applicant who is an individual, the applicant’s Social Security number;</text>
    </level>
    <level label="4">
      <text>In the case of an applicant other than an individual:</text>
      <level label="i">
        <text>The applicant’s federal employer identification number; and</text>
      </level>
      <level label="ii">
        <text>The name and business address of:</text>
        <level label="1">
          <text>Each officer, director, general partner, member, and manager, if a limited liability company, of the applicant;</text>
        </level>
        <level label="2">
          <text>If the applicant is not subject to reporting requirements under the Securities Exchange Act of 1934, each person who owns 5% or more of the applicant; and</text>
        </level>
        <level label="3">
          <text>Each officer, director, member, and principal of the applicant;</text>
        </level>
      </level>
    </level>
    <level label="5">
      <text>Any trade name through which the applicant intends to do business as a transferee in the State, provided that a transferee may maintain registration of no more than four trade names; and</text>
    </level>
    <level label="6">
      <text>Any other information that the Attorney General requires.</text>
    </level>
  </level>
  <level label="e">
    <text>If the Attorney General denies an application for registration, the Attorney General shall specify in writing the reason for the denial.</text>
  </level>
</section>
