Title 08, Title 08: Banking and Insurance

§ 2104. Request for reconsideration; review of denial of application (a)(1) If the Commissioner denies an application, not later than 15 days after the date of denial the applicant may request that the Commissioner reconsider the application. (2) The applicant shall submit his or…

§ 2105. Contents of license; nontransferable (a) A license shall state the address at which a licensee will conduct its business, shall state fully the name of the licensee, and, if the licensee is not an individual, shall state the date and place of its organization or incorpora…

§ 2106. Additional place of business; change of place of business (a)(1) A license is required for each place of business. (2) Except as otherwise provided in this title, the Commissioner may issue more than one license to the same licensee for additional places of business if th…

§ 2107. Change of control (a) Any person or group of persons acting in concert shall submit a request to the Commissioner and shall obtain the approval of the Commissioner prior to acquiring control. If the person or group of persons is seeking to acquire control of a money trans…

§ 2108. Notification of material change (a) A licensee shall notify the Commissioner in writing within 30 days of any material change in the information provided in a licensee’s application. (b) A licensee adding or replacing any key individual shall: (1) notify the Commissioner …

§ 2109. Annual renewal of license (a) On or before December 1 of each year, every licensee shall renew its license or registration for the next succeeding calendar year and shall pay to the Commissioner the applicable renewal of license or registration fee. At a minimum, the lice…

§ 2110. Revocation, suspension, termination, or nonrenewal of license; cease and desist orders (a) The Commissioner may deny, suspend, terminate, revoke, condition, or refuse to renew a license or order that any person or licensee cease and desist in any specified conduct if the …

§ 2111. Revocation, suspension, termination, or nonrenewal where more than one place of business The Commissioner may revoke, suspend, terminate, or refuse to renew only the license for a particular place of business at which grounds for revocation, suspension, termination, or re…

§ 2112. Surrender of license; no effect on liability; reinstatement (a) A licensee may surrender a license by delivering to the Commissioner notice that the licensee surrenders the license. (b) Surrender shall not affect the licensee’s administrative, civil, or criminal liability…

§ 2113. Appeal of final order (a) The Commissioner shall serve his or her findings and order of suspension, termination, revocation, or to cease and desist in specified conduct on the licensee by mail at the licensee’s current address as stated on the license, which shall be pres…

§ 2114. Rules The Commissioner may adopt rules and issue orders, rulings, demands, and findings as is necessary to perform his or her duties under this part. (Added 2019, No. 20, § 2.)

§ 2115. Penalties (a) The Commissioner may: (1) impose an administrative penalty of not more than $10,000.00, plus the State’s cost and expenses of investigating and prosecution of the matter, including attorney’s fees, for each violation upon any person who violates or participa…

§ 2116. Administrative procedure All administrative proceedings under this part shall be conducted in accordance with 3 V.S.A. chapter 25 and any rules adopted by the Commissioner on hearing procedure. (Added 2019, No. 20, § 2.)

§ 2117. Examinations and investigations; examination fees (a) In addition to any authority allowed under this part or other law, and for the purpose of examination, or discovering or investigating violations or complaints of or arising under this part; chapter 200, subchapter 2 o…

§ 2118. Joint examinations (a)(1) The Commissioner may conduct an on-site examination in conjunction with representatives of other state agencies or agencies of another state or of the federal government. (2) Instead of an examination, the Commissioner may accept the examination …

§ 2119. Records required of licensee (a)(1) A licensee shall keep, use in the licensee’s business, and make available to the Commissioner upon request, the books, accounts, records, and data compilations as will enable the Commissioner to determine whether the licensee is complyi…

§ 2120. Annual report; call reports (a)(1) In addition to any specific information required by the applicable chapter, annually, on or before April 1, a licensee shall file a report with the Commissioner to provide the information the Commissioner reasonably requires concerning t…

§ 2121. Deceptive advertising (a) A person subject to this part shall not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, a statement or representation that is false, misle…

§ 2122. Use of other names or business places (a) A licensee shall not conduct business or make a loan subject to regulation under this part under any other name or at any other place of business than as specified in its license. (b) Mortgage loan originators and employees of lic…

§ 2123. Licenses modified, amended, or repealed by amendment to this part The State of Vermont may amend or repeal this chapter so as to effect a cancellation or alteration of a license or right of a licensee, provided that such an amendment or repeal shall not impair or affect a…

§ 2124. Nationwide Multistate Licensing System and Registry (a) In furtherance of the Commissioner’s duties under this part, the Commissioner may participate in the Nationwide Multistate Licensing System and Registry and may take such action regarding participation in the licensi…

§ 2125. Report to Nationwide Multistate Licensing System and Registry (a) Subject to State privacy and confidentiality laws, and subject to section 2126 of this title, the Commissioner shall report regularly violations of this part, enforcement actions, and other relevant informa…

§ 2126. Confidentiality In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1)(A) The privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, an…

§ 2127. Networked supervision (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commissioner is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated thro…