§ 30-2-13-27 — Payments to board

Each seller of a prepaid contract under this
chapter shall pay to the board on a form provided by it not later than
March 1 of each year from money not deposited in a trust or escrow the
following amounts for each contract written during the preceding
calendar year:
(1) Two dollars and fifty cents ($2.50) for each contract having a
value of less than five hundred dollars ($500).
(2) Five dollars ($5) for each contract having a value of at least
five hundred dollars ($500) and less than one thousand five
hundred dollars ($1,500).
(3) Ten dollars ($10) for each contract having a value of one
thousand five hundred dollars ($1,500) or more.
However, no fee is due and payable on contracts funded with a
previously issued life insurance policy. The payment may be charged
to the purchaser or, at the option of the seller, paid by the seller. A
trustee shall quarterly report to the board all payments received by the
trustee from all sellers during the preceding quarter. The report must
identify the name and address of each seller from whom the trustee
received payments and the total amount of the payments. The payments
are administered under section 28 of this chapter.

Legislative History

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.31; P.L.195-1997, SEC.2; P.L.114-1999, SEC.16.