Vermont § 8009 Reserve requirements

Vermont Statutes

§ 8009 — Reserve requirements

Vermont § 8009

Title 8Title 8: Banking and Insurance

Ch. 151Chapter 151: Continuing Care Retirement Communities

This text of Vermont § 8009 (Reserve requirements) 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, § 8009 (2026).

Text

A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The Department shall approve any withdrawal or borrowing from these funds and shall monitor repayment. (Added 1987, No. 247 (Adj. Sess.), § 1.)

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A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The Department shall approve any withdrawal or borrowing from these funds and shall monitor repayment. (Added 1987, No. 247 (Adj. Sess.), § 1.)