Ch. 275
2004 LAWS OF MARYLAND
(I) A CONTRACT FOR A LOAN OR OTHER FINANCING TRANSACTION
WITH A VIATOR SECURED PRIMARILY BY A POLICY, OTHER THAN A LOAN BY A LIFE
INSURER UNDER THE TERMS OF THE POLICY OR A LOAN SECURED BY THE CASH
VALUE OF A POLICY; AND
(II) AN AGREEMENT WITH A VIATOR TO TRANSFER OWNERSHIP OR
CHANGE THE BENEFICIARY DESIGNATION AT A LATER DATE REGARDLESS OF THE
DATE THAT COMPENSATION IS PAID TO THE VIATOR
(3) "VIATICAL SETTLEMENT CONTRACT" DOES NOT INCLUDE A
CONTRACT ENTERED INTO OR EFFECTUATED BETWEEN A VIATICAL SETTLEMENT
PROVIDER AND A FINANCING ENTITY, A RELATED PROVIDER TRUST, OR A SPECIAL
PURPOSE ENTITY.
(L) (M) (1) "VIATICAL SETTLEMENT PROVIDER" MEANS A PERSON, OTHER
THAN A VIATOR, THAT ENTERS INTO OR EFFECTUATES A VIATICAL SETTLEMENT
CONTRACT.
(2) "VIATICAL SETTLEMENT PROVIDER" DOES NOT INCLUDE AN
INDIVIDUAL WHO ENTERS INTO OR EFFECTUATES NO MORE THAN ONE AGREEMENT
IN A CALENDAR YEAR FOR THE TRANSFER OF POLICIES FOR ANY VALUE LESS THAN
THE EXPECTED DEATH BENEFIT.
(M) (N) "VIATICATED POLICY' MEANS A POLICY THAT HAS BEEN ACQUIRED
BY A VIATICAL SETTLEMENT PROVIDER UNDER A VIATICAL SETTLEMENT CONTRACT.
(N) (O) (1) "VIATOR" MEANS THE OWNER OR CERTIFICATE HOLDER OF A
POLICY WHO ENTERS OR SEEKS TO ENTER INTO A VIATICAL SETTLEMENT
CONTRACT.
(2) "VIATOR" DOES NOT INCLUDE AN ACCREDITED INVESTOR OR
QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN REGULATION D, RULE 501, OR
RULE 144A OF THE FEDERAL SECURITIES ACT OF 1933.
8-602.
THIS SUBTITLE APPLIES ONLY TO A VIATICAL SETTLEMENT CONTRACT
BETWEEN A VIATOR AND A VIATICAL SETTLEMENT PROVIDER
8-603.
(A) A PERSON MUST REGISTER WITH THE COMMISSIONER BEFORE THE
PERSON ACTS AS OR REPRESENTS ITSELF AS A VIATICAL SETTLEMENT PROVIDER OR
VIATICAL SETTLEMENT BROKER IN THE STATE.
(B) (1) EXCEPT FOR AN INDIVIDUAL LISTED IN § 8-601(K)(2) OF THIS
SUBTITLE, ONLY AN INDIVIDUAL WHO IS A VIATICAL SETTLEMENT BROKER MAY
NEGOTIATE VIATICAL SETTLEMENT CONTRACTS BETWEEN A VIATOR AND ONE OR
MORE SETTLEMENT PROVIDERS.
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