1. No person may finance insurance premiums in this state without a license issued by the commissioner. Licenses may be renewed each year upon payment of the required fee.
2. The commissioner shall issue or renew a license if the commissioner finds that the person to be licensed:
a. Is competent and trustworthy and intends to act in good faith in the financing of insurance premiums;
b. Has a good business reputation and has had experience, training, or education qualifying the person to finance insurance premiums; and c. If a corporation, is incorporated under the laws of this state or is a foreign corporation authorized to transact business in this state or if a limited liability company, is organized under the laws of this state or is a foreign limited liability company authorized to transact business in this state.
3. This chapter does not apply to insurance producers; insurers who finance their own premiums; banks; savings and loan associations; credit unions; annuity, safe deposit, and trust companies; subsidiary trust companies; small loan companies; licensed money brokers; or other financial institutions licensed to do business in this state.