Section 7606 - Application for license and fees1. Application for license to be filed with superintendent. A self-storage provider must file a sworn application for a license under this chapter with the superintendent on forms prescribed and furnished by the superintendent. [2021, c. 676, Pt. A, §42(NEW).]
2.Contents of application. In addition to other information required by the superintendent, the application for a license under this chapter must:A. Provide the name, residence address and other information required by the superintendent for an employee or authorized representative of the self-storage provider who is designated by the applicant as the person responsible for the self-storage provider's compliance with the requirements of this chapter. If the self-storage provider derives more than 50% of its revenue from the sale of self-storage insurance, the information specified in this paragraph must be provided for all officers, directors and shareholders of record having beneficial ownership of 10% or more of any class of securities registered under the federal securities laws; [2021, c. 676, Pt. A, §42(NEW).]B. Appoint the superintendent as the applicant's attorney to receive service of all legal process issued against it in any civil action or proceeding in this State and agree that process so served is valid and binding against the applicant. The appointment is irrevocable, binds the company and any successor in interest as well as the assets or liabilities of the applicant and must remain in effect as long as the applicant's license remains in force in this State; and [2021, c. 676, Pt. A, §42(NEW).]C. Provide the location of the applicant's home office. [2021, c. 676, Pt. A, §42(NEW).] [2021, c. 676, Pt. A, §42(NEW).]
3.Time of application. An application for a license under this chapter must be made within 90 days of the application's being made available by the superintendent. [2021, c. 676, Pt. A, §42(NEW).]
4.Initial license valid for 24 months. An initial license issued pursuant to this chapter is valid for 24 months and expires on the last day of the 24th month. [2021, c. 676, Pt. A, §42(NEW).]
5.Fee. Each self-storage provider licensed under this chapter shall pay to the superintendent a fee equal to the amount prescribed by section 601, subsection 33. [2021, c. 676, Pt. A, §42(NEW).]
Added by 2022, c. 676,§ A-42, eff. 5/2/2022.