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(a)
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(1) If a surplus lines broker fails to file his or her quarterly statement by the due dates in § 23-65-314, he or she shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the due date.
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(2) The Insurance Commissioner may grant a reasonable extension of time within which the statement may be filed for good cause shown and after a written request.
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(3) The fine may be recovered by an action instituted by the commissioner in any court of competent jurisdiction.
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(4) The commissioner shall pay to the Treasurer of State any fine so collected.
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(b)
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(1) If a surplus lines broker fails to remit the tax as provided by law by the due date, the surplus lines broker shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the sixty-first day after the end of the month in which surplus lines insurance was procured.
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(2) The commissioner shall pay to the Treasurer of State any fine so collected.
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