§ 1753. Ownership of other entities.
151 words·~1 min read·
/de/title-18/1753A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)An applicant for a public adjuster’s license shall disclose to the Commissioner the full name and residence of each person who directly or indirectly owns or controls the licensee, or holds with power to vote or holds proxies with the power to vote, 10 percent or more of the voting securities of the licensee.
(b)The Commissioner may deny an application or suspend or revoke the license of a public adjuster if any person who directly or indirectly owns or controls the licensee, or holds with power to vote or holds proxies with the power to vote, 10 percent or more of the voting securities of the licensee does not meet the qualifications for licensure under this chapter.
(c)Every applicant for an initial or renewal public adjuster’s license shall file with the Commissioner a list of the full names of all employees who are authorized to negotiate claims settlements.