Title 08, Title 08: Banking and Insurance

§ 15. Rules, orders, and administrative interpretations (a) In addition to other powers conferred by this title and 18 V.S.A. chapter 221, the Commissioner may adopt rules and issue orders as shall be authorized by or necessary to the administration of this title and of 18 V.S.A.…

§ 16. Judicial review Any person aggrieved and directly affected by an order of the Commissioner may appeal to the Supreme Court of Vermont, except as otherwise expressly provided in this title or in 9 V.S.A. chapters 131 and 150. The filing of an appeal for review or injunctive …

§ 17. Liability for acts A person serving in any official capacity under this title, 9 V.S.A. chapter 131 or 150, or 18 V.S.A. chapter 221, including the Commissioner and any officer, employee, or agent of the Department, shall not be liable in any civil action for damages for an…

§ 18. Charges for examinations, applications, reviews, and investigations (a) Every person subject to regulation by the Department shall pay the Department the reasonable costs of any examination, review, or investigation that is conducted or caused to be conducted by the Departm…

§ 19. Fees and departmental expenses (a) The Commissioner shall charge each financial institution or financial institution applicant for Department services rendered. Charges for Department services shall be billed as follows: (1) New financial institution application or new inde…

§ 20. Uniform Commercial Code (a) All commercial transactions of financial institutions doing business in this State shall be governed by and conducted in accordance with Title 9A. (b) In any conflict between the provisions of Title 9A and any other provisions of law, including o…

§ 21. Applicability of laws governing business organizations Depending on the permitted type of organizational form, the provisions of Titles 11, 11A, and 11B, relating to corporations, limited liability companies, limited liability partnerships, limited partnerships, partnership…

§ 22. Confidentiality and information-sharing agreements (a) Except as expressly provided in subsection (b) of this section, all documents, material, or other information reported to, or developed or maintained by, the Commissioner may be used by the Commissioner in the furtheran…

§ 23. Confidentiality of investigation and examination reports (a) This section shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered by the Commissioner. (b) Regardless of source, all records of investigations, incl…

§ 24. Senior investor protection (a) The Commissioner may, in addition to other powers conferred on the Commissioner by law, adopt rules and issue orders necessary to protect senior investors from being misled by false or misleading certifications, licenses, professional designat…

§ 80. Insurance Regulatory and Supervision Fund (a) There is hereby created a fund to be known as the Insurance Regulatory and Supervision Fund for the purpose of providing the financial means for the Commissioner of Financial Regulation to administer Parts 3 and 6, except chapte…

§ 1801. Purposes The expression “development credit corporation,” hereinafter called the corporation, as used in this chapter shall mean a corporation, incorporated under the general laws of the State, the purposes of which shall be: (1) to provide financial assistance to industr…

§ 1802. General and specific power A development credit corporation shall have such general and specific rights and powers, within the limitations of its charter, as are enjoyed by other Vermont corporations, and, in addition, such rights and powers as are granted hereafter. (Add…

§ 1803. Determination of public good Prior to the granting of a charter to a development credit corporation, the Commissioner shall find that such grant shall promote the general good of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1989, No. 225 (Adj. Sess.), §…

§ 1804. Tax exempt status Being an institution of public welfare created primarily to increment, augment, and increase sources of taxation within the State, and, in order to induce continuing public support to the corporation, earnings of the corporation shall be exempt from Stat…

§ 2100. Application of chapter (a) Except as otherwise provided in this part, this chapter applies to a person doing or soliciting business in this State as described in this part. (b) This chapter does not apply to: (1) development credit corporations subject to chapter 65 of th…

§ 2101. Definitions Except as otherwise provided in this part: (1) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a license whether or not pursuant to an express agreement. (2) “Commercial loan” means a loan or exten…

§ 2102. Application for license (a) Application for a license or registration shall be in writing, under oath, and in the form prescribed by the Commissioner and shall contain the legal name, any fictitious name or trade name, and the address of the residence and place of busines…

§ 2103. Approval of application and issuance of license (a) Upon the filing of an application, payment of the required fees, and satisfaction of any applicable bond and liquid asset requirements, the Commissioner shall issue a license to the applicant if the Commissioner finds: (…

§ 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…

§ 2200. Definitions As used in this chapter: (1)(A) “Employee” means, subject to subdivision (B) of this subdivision (1), an individual whose manner and means of work are subject to the right of control of, or are controlled by a person and whose compensation for federal income t…

§ 2201. Licenses required (a) Without first obtaining a license under this chapter from the Commissioner, a person shall not: (1) Engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on any such loan interest, a …

§ 2202a. Application for commercial lender license (a) Application for a license for a lender making solely commercial loans shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the name and address of the residence and the place of b…