(1) All viatical settlement brokers' licenses that are in effect on July 26, 2009, shall expire upon July 26, 2009.

     (2) All viatical settlement providers' licenses that are in effect on July 26, 2009, shall be converted to a life settlement provider license and upon the next renewal date of the license the life settlement provider must be in compliance with the requirements to be licensed as a life settlement provider under RCW 48.102.011.

     (3) A provider lawfully transacting business in this state prior to July 26, 2009, may continue to do so if the provider submits a completed application and pays the required fee to the commissioner within thirty days of July 26, 2009. A provider that has submitted an application and paid the required fee to the commissioner within thirty days of July 26, 2009, may continue to act as a provider for an additional ninety days from the receipt of the application by the commissioner and payment of the required fee, or approval or denial of the license by the commissioner, whichever is earlier. Any person transacting business in this state under this subsection must comply with all other requirements of this chapter.

[2009 c 104 § 22.]