Licensing Procedures – Life Settlement Brokers

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The life settlement broker license allows a person to act as a broker for life or viatical settlement contracts that insure the life of a person with a terminal illness or condition. There is one license for an individual and one for a firm. Each life settlement broker must be appointed to a life settlement provider or affiliated with a life settlement broker firm.

Individuals

To apply as a life settlement broker:

1. Submit a Life Settlement Broker Individual Application (Form 3013).
2. Submit Fingerprint Card (Form FD-258).
3. Submit the Criminal Records Request form (Form 4862).
4. Pay a $122.25 fee.

NOTE: The business entity (agency) also must file a Life Settlement Broker Appointment/Affiliation Notice (Form 3025) within 30 days.

Life Settlement Broker Firms

To apply as a life settlement broker firm:

1. Submit a Life Settlement Broker Firm or Corporation Application (Form 3010b).
2. Pay a $45 fee.

NOTES:

1. Assumed business names must be registered with the Secretary of State Corporation Division.
2. The business entity (agency) also must file a Life Settlement Broker Appointment/Affiliation Notice (Form 3025) within 30 days.