As used in this part, unless the context otherwise requires: “Commissioner” means the commissioner of commerce and insurance; “Corporation” means a corporation or association not for profit authorized to administer a plan in the state; “Fiscal year” means the period beginning January 1 and ending December 31 of each year; “Member” means any person who […]
Any educational cooperative plan or scholarship plan shall be deemed a plan subject to this part if the principal features of the plan consist of: Participation by a specific person based on contributions made on behalf of that person; and Qualification for participation in whole or in part based upon amount and duration of the […]
The commissioner is authorized to regulate the operation and administration of any plan or plans, as provided in this section, and to adopt and promulgate reasonable regulations as necessary to the exercise of the powers vested in the commissioner. In the adoption of regulations, the commissioner shall give paramount consideration to the safeguarding of funds […]
It is unlawful for any person, firm, corporation or corporation for profit to: Solicit funds for the operation of any plan, except as provided in this part; or Advertise any plan prior to the approval of the advertisement by the commissioner, to prevent material misrepresentation of law or fact with regard to the plan.
Any five (5) or more persons may, pursuant to title 48, Chapters 51 68, form a corporation not for profit for the purpose of establishing, maintaining and operating a plan or plans subject to regulation under this part. Every corporation so organized and licensed under this part shall be deemed to be a charitable and […]
All banks and trust companies, industrial savings banks, building and loan associations and savings and loan associations are authorized to participate in scholarship plans operating under this part.
No corporation shall commence or continue operation in this state or advertise any plan subject to regulation under this part prior to the issuance to it of a certificate of authority by the commissioner. Applications for a certificate of authority shall be made on forms prescribed by the commissioner and shall contain such information as […]
All scholarship funds shall be deposited in special funds or trust funds established for the purpose of depositing all funds, contributions, donations, pledged earnings, interest, income and dividends, except enrollment fees and dues as set forth in § 49-4-103(b)(2), to be used exclusively and solely for scholarships and educational benefits for members found eligible and […]
Each corporation shall annually, on or before March 1 after the end of the fiscal year, file with the commissioner a statement showing the financial condition of the corporation as of the last day of the fiscal year in the form and containing the information the commissioner requires. The report shall be verified by a […]
The commissioner shall have the power to revoke the certificate of authority or bring proceedings for the dissolution or liquidation of a corporation pursuant to regulations promulgated by the commissioner relating to notice, hearing and opportunity for review, whenever the commissioner finds that: The corporation is being operated for profit; The affairs of the corporation […]
Every corporation holding a certificate of authority under this part and its officers, agents and solicitors shall be exempt from the payment of any occupational license taxes levied by virtue of any of its activities or those of its officers, agents or solicitors authorized under this part.
Any person, firm or corporation that violates this part commits a Class C misdemeanor. The willful making of any false and material statement on any report to or required by the commissioner constitutes perjury and is punishable as perjury.
