§ 10-7-619. Viatical Settlements Cash Fund – Created
All direct and indirect expenditures of the commissioner and the division in administering this part 6 shall be paid from the viatical settlements cash fund, which fund is hereby created in the state treasury. All fees collected pursuant to this part 6 shall be transmitted to the state treasurer, who shall credit them to the […]
§ 10-7-620. Severability
If any provision of this part 6 is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining provisions of this part 6, and to this end the provisions of this part 6 are expressly declared to be severable. Source: L. 2005: Entire part […]
§ 10-7-615. Rules
The commissioner may: Promulgate rules implementing this part 6; Establish standards for evaluating the reasonableness of payments under a viatical settlement contract for a person who is terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, […]
§ 10-7-616. No Preemption – Colorado Securities Act – Authority of Division of Securities
Nothing in this part 6 preempts or otherwise limits the provisions of the “Colorado Securities Act”, article 51 of title 11, C.R.S., or any rules, orders, policy statements, notices, bulletins, or other interpretations issued by or through the commissioner of securities or the commissioner of securities’ designee acting pursuant to the “Colorado Securities Act”. Compliance […]
§ 10-7-601. Short Title
This part 6 shall be known and may be cited as the “Viatical Settlements Act”. Source: L. 2005: Entire part added, p. 1293, § 1, effective January 1, 2006.
§ 10-7-617. Application
A viatical settlement provider lawfully transacting business in this state may continue to do so pending approval or disapproval of the person’s application for a license as long as the application is filed with the commissioner not later than thirty days after publication by the commissioner of an application form for licensure of viatical settlement […]
§ 10-7-602. Definitions
As used in this part 6, unless the context otherwise requires: “Advertising” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed directly before the public […]
§ 10-7-618. Continuation of Business
Notwithstanding any provision of this part 6 to the contrary, a person who has lawfully negotiated viatical settlement contracts between a viator and one or more viatical settlement providers for at least one year immediately prior to January 1, 2006, may continue to negotiate viatical settlements in this state for a period of one year […]
§ 10-7-603. Licensing
No person shall act on behalf of a viator or otherwise negotiate, as defined in section 10-2-103 (7.9), viatical settlement contracts between a viator and one or more viatical settlement providers unless such person is a life insurance producer and has been licensed as a resident producer with a life line of authority in his […]
§ 10-7-604. Licensure – Refusal to Issue – Suspension – Revocation – Refusal to Renew
The commissioner shall refuse to issue, suspend, revoke, or refuse to renew the license of a viatical settlement provider if the commissioner finds after compliance with subsection (3) of this section that: There was any material misrepresentation in the application for the license; The licensee or any of its officers, partners, members, or key management […]