Vermont Statutes Title 8 Sec. 7004
Terms Used In Vermont Statutes Title 8 Sec. 7004
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Commissioner: means the Commissioner of Financial Regulation. See
- Fraud: Intentional deception resulting in injury to another.
- 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
- Licensee: means an insurance premium finance company holding a license issued under section 7002 of this title. See
- 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
§ 7004. Revocation or suspension of license; appeal
(a) The Commissioner may revoke or suspend the license of any insurance premium finance company when after investigation the Commissioner finds that:
(1) the license issued to such company was obtained by fraud;
(2) there was any misrepresentation or material omission in the application for the license;
(3) the holder of such license has otherwise shown himself or herself untrustworthy or incompetent to act as an insurance premium finance company; or
(4) such company has violated any of the provisions of this chapter.
(b) Before the Commissioner shall revoke, suspend, or refuse to renew the license of any insurance premium finance company, the licensee shall be entitled to a hearing in accordance with 3 Vt. Stat. Ann. chapter 25, the Vermont Administrative Procedure Act. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as provided in this section, the Commissioner may subject such company to a penalty of not more than $200.00 for each offense when in the Commissioner’s judgment the Commissioner finds that the public interest would not be harmed by the continued operation of such company. The amount of any penalty shall be paid by such company to the Commissioner.
(c) If the Commissioner refuses to issue to any person a license as an insurance premium finance company, or the Commissioner revokes, suspends, or refuses to renew the license of any insurance premium finance company, or the Commissioner imposes a penalty on such company after a hearing as provided under subsection (b) of this section, the applicant or licensee may appeal from such refusal to issue a license or from such adjudication in accordance with 3 Vt. Stat. Ann. chapter 25, the Vermont Administrative Procedure Act. (Added 1983, No. 77, § 1; amended 2021, No. 105 (Adj. Sess.), § 247, eff. July 1, 2022.)