Vermont Statutes Title 8 Sec. 7001
Terms Used In Vermont Statutes Title 8 Sec. 7001
- Commissioner: means the Commissioner of Financial Regulation. See
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized. See
§ 7001. Definitions
As used in this chapter:
(1) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. For the purpose of this chapter and section 2201 of this title, insurance premium finance company includes any insurance company, insurance agent or broker, or other lender who finances insurance premiums.
(2) “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter.
(3) “Licensee” means an insurance premium finance company holding a license issued under section 7002 of this title.
(4) “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized.
(5) “Commissioner” means the Commissioner of Financial Regulation. (Added 1983, No. 77, § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)