333.320. Seller license required — application procedure — renewal of licensure — expiration of license.

504 words·~2 min read·/mo/chapter-333/333-320

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

333.320. Seller license required — application procedure — renewal of licensure — expiration of license. — 1. No person shall sell, perform, or agree to perform the seller's obligations under, or be designated as the seller of, any preneed contract unless, at the time of the sale, performance, agreement, or designation, such person is licensed by the board as a seller and authorized and registered with the Missouri secretary of state to conduct business in Missouri.

2. An applicant for a preneed seller license shall:

(1)File an application on a form established by the board and pay an application fee in an amount established by the board by rule;

(2)Be an individual resident of Missouri who is eighteen years of age or older, or a business entity registered with the Missouri secretary of state to transact business in Missouri;

(3)If the applicant is a corporation, each officer, director, manager, or controlling shareholder, shall be eligible for licensure if they were applying for licensure as an individual;

(4)Meet all requirements for licensure;

(5)Identify the name and address of a custodian of records responsible for maintaining the books and records of the seller relating to preneed contracts;

(6)Identify the name and address of each licensed provider that has authorized the seller to designate such person as a provider under a preneed contract;

(7)Have established, as grantor, a preneed trust or an agreement to utilize a preneed trust with terms consistent with sections 436.400 to 436.520 . A trust shall not be required if the applicant certifies to the board that the seller will only sell insurance-funded or joint account-funded preneed contracts;

(8)Identify the name and address of a trustee or, if applicable, the financial institution where any preneed trust or joint accounts will be maintained; and

(9)File with the board a written consent authorizing the state board to inspect or order an investigation, examination, or audit of the seller's books and records which contain information concerning preneed contracts sold by or on behalf of the seller.

3. Each seller shall apply to renew his or her license on or before October thirty-first of each year or a date established by the division of professional registration pursuant to section 324.001 . A license which has not been renewed prior to the renewal date shall expire. Applicants for renewal shall:

(1)File an application for renewal on a form established by the board by rule;

(2)Pay a renewal fee in an amount established by the board by rule; and

(3)File annually with the board a signed and notarized annual report as required by section 436.460 .

4. Any license which has not been renewed as provided by this section shall expire. A licensee who fails to apply for renewal within two years of the renewal date may apply for reinstatement by satisfying the requirements of subsection 3 of this section and paying a delinquent fee as established by the board by rule.

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(L. 2009 S.B. 1)