Vermont Statutes Title 21 Sec. 1035
Terms Used In Vermont Statutes Title 21 Sec. 1035
- Applicant: means a person applying for a license or for a renewal of a license under this chapter. See
- Commissioner: means the Commissioner of Labor or the Commissioner's designee. See
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial responsibility: means the current and expected future condition of financial solvency sufficient to support a reasonable expectation that an employee leasing company can successfully conduct its business without jeopardizing the interests of the employees leased to the client company or the public. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Licensee: means an employee leasing company licensed under this chapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 1035. Financial responsibility
(a) Evidence of financial responsibility shall include an audited financial statement, prepared in accordance with generally accepted accounting principles, that demonstrates that the applicant has an adjusted net worth of at least $100,000.00 or five percent of liabilities, whichever is greater. The statement shall have been prepared within six months of the date of application by an independent certified public accountant licensed in this State.
(b) The Commissioner may audit a licensee‘s financial condition if the Commissioner determines that the licensee’s financial responsibility is in question. The Commissioner may contract for the audit and charge the licensee a fee that shall not exceed the actual cost of performing the audit.
(c) Financial information submitted to the Commissioner by an applicant or licensee shall be confidential and shall not be available for public inspection. Nothing in this section shall be construed to restrict the Commissioner from sharing this information with the Attorney General, the Department of Financial Regulation, the Department of Labor, the Department of Taxes, the Secretary of State, or the U.S. Internal Revenue Service. (Added 1995, No. 173 (Adj. Sess.), § 1; amended 1995, No. 180 (Adj. Sess.), § 38(a); 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)