The bill amends and reenacts subsections 7 and 8 of section 26.1-33.4-02 of the North Dakota Century Code, which pertains to life settlement producer licenses and their renewal processes. It establishes that licenses may be renewed annually by April 30 upon payment of a reasonable renewal fee. The bill clarifies that if the renewal fee is not paid within the specified terms, the license will be automatically revoked. Additionally, it states that licenses issued after January 1 are not required to renew until the following April 30.

Significantly, the bill removes the provision that allowed licenses issued between May 1, 2023, and July 31, 2023, to be renewed until April 30, 2025. This change streamlines the renewal process and aligns the terms of provider and broker licenses with those of domestic stock life insurance companies and insurance producer licenses. Overall, the amendments aim to simplify the licensing and renewal framework for life settlement producers in North Dakota.