Vermont § 7004 Revocation or suspension of license; appeal

Vermont Statutes

§ 7004 — Revocation or suspension of license; appeal

Vermont § 7004

Title 8Title 8: Banking and Insurance

Ch. 143Chapter 143: Insurance Premium Finance Companies

This text of Vermont § 7004 (Revocation or suspension of license; appeal) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 7004 (2026).

Text

(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 V.S.A. chapter 25, the Vermont Administrative Procedure Act. In lieu of revoking or sus

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(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 V.S.A. 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 V.S.A. chapter 25, the Vermont Administrative Procedure Act. (Added 1983, No. 77, § 1; amended 2021, No. 105 (Adj. Sess.), § 247, eff. July 1, 2022.)