(1) Every application for an agency license to engage in the private investigative business shall provide to the bureau:
(a) the full name and business address of the applicant;
(b) one passport-size color photograph of the applicant;
(c) the name under which the applicant intends to do business;
(d) a statement that the applicant intends to engage in the private investigative business;
(e) a verified statement of the applicant's experience and qualifications as provided in Section 53-9-108; and
(f) the fee prescribed in Section 53-9-111.
(2) Before the issuance or renewal of an agency license, the applicant shall provide to the bureau:
(a) a certificate of liability insurance; and
(b) a certificate of workers' compensation insurance, if applicable.
(3) The liability insurance required by this section shall:
(a) protect against liability to third persons;
(b) contain a limit of liability in an amount of not less than $500,000;
(c) be continuous in form and run concurrently with the license period; and
(d) provide for notice to the bureau in the event of cancellation of the liability insurance.
(4)
(a) The bureau shall cancel a license when it receives notice from the insurer that liability insurance required under Subsection (2) has expired or been canceled.
(b) The licensee shall be notified by the bureau when a license has been cancelled under this Subsection (4).
(c) The license may be reinstated when the licensee:
(i) files proof of liability insurance for the remainder of the license period; and
(ii) pays the reinstatement fee prescribed in Section 53-9-111.