A. No person shall act as or attempt to act as a property residual value insurer unless licensed to do so by the commissioner. Each application shall be submitted to the commissioner along with the fee for such license in the amount of one thousand five hundred dollars. Licenses shall be renewed annually upon payment of a fee of one thousand five hundred dollars, which shall be paid no later than March fifteenth of each year.
B. A licensee shall notify the commissioner within sixty days of any material change in its ownership, control, or other fact or circumstance affecting its qualification for a license in this state. Material changes shall include but are not limited to the following:
(1) Changes in officers or directors.
(2) Changes in ownership.
(3) A change in the article of incorporation.
(4) A merger.
(5) An addition or change of a trade name or "d/b/a".
(6) Cessation of business in Louisiana.