ROBERT L. EHRLICH, JR., Governor                             Ch. 275

(2) NOT LATER THAN 30 DAYS AFTER NEGOTIATING A VIATICAL
SETTLEMENT CONTRACT ON BEHALF OF A VIATOR A VIATICAL SETTLEMENT
BROKER SHALL REGISTER WITH THE COMMISSIONER IN ACCORDANCE WITH § 8-604
OF THIS SUBTITLE.

(B) (C) EMPLOYEES AND AGENTS OF A REGISTERED VIATICAL SETTLEMENT
PROVIDER OR A REGISTERED VIATICAL SETTLEMENT BROKER MAY NOT BE
REQUIRED TO BE SEPARATELY REGISTERED EXCEPT IN ACCORDANCE WITH
REGULATIONS ADOPTED BY THE COMMISSIONER

8-604.

AN APPLICANT FOR REGISTRATION SHALL:

(1)      FILE WITH THE COMMISSIONER AN APPLICATION ON THE FORM
THAT THE COMMISSIONER REQUIRES; AND

(2)      PAY TO THE COMMISSIONER A REGISTRATION FEE SET BY THE
COMMISSIONER

8-605.

(A)     NOTWITHSTANDING THE MANNER IN WHICH THE VIATICAL SETTLEMENT
BROKER IS COMPENSATED, A VIATICAL SETTLEMENT BROKER IS DEEMED TO
REPRESENT ONLY THE VIATOR AND OWES A FIDUCIARY DUTY TO THE VIATOR TO
ACT ACCORDING TO THE VIATOR'S INSTRUCTIONS AND IN THE BEST INTEREST OF
THE VIATOR

(B)     FOR PURPOSES OF THIS SUBTITLE, A VIATOR MAY NOT BE LIMITED TO AN
OWNER OR CERTIFICATE HOLDER OF A POLICY THAT INSURES THE LIFE OF AN
INDIVIDUAL WITH A TERMINAL OR CHRONIC ILLNESS OR CONDITION WHO IS
TERMINALLY ILL OR CHRONICALLY ILL.

8-606.

(A)     BEFORE AN OFFER TO PURCHASE A POLICY CAN BE MADE TO A VIATOR, A
VIATICAL SETTLEMENT PROVIDER SHALL:

(1)      PROVIDE THE VIATOR WITH A DISCLOSURE STATEMENT THAT:

(I)      CONTAINS THE DISCLOSURES REQUIRED IN SUBSECTIONS (B)
AND (C) OF THIS SECTION; AND

(II)     HAS BEEN SIGNED BY THE VIATICAL SETTLEMENT PROVIDER;
AND

(2)      RECEIVE FROM THE VIATOR THE DISCLOSURE STATEMENT SIGNED
BY THE VIATOR

(B)     BEFORE AN OFFER TO PURCHASE A POLICY CAN BE MADE TO THE VIATOR,
A VIATICAL SETTLEMENT PROVIDER SHALL PROVIDE TO THE VIATOR A DISCLOSURE
STATEMENT THAT CONTAINS THE FOLLOWING DISCLOSURES:

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