§2758. Revocation or suspension of license

Link to law: http://legislature.vermont.gov/statutes/section/08/083/02758
Published: 2015

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The Vermont Statutes Online



Banking and Insurance






2758. Revocation or suspension of license

(a) The

Commissioner may suspend, revoke, or refuse to renew a license, place a

licensee in receivership, impose injunctive orders, or order that a licensee

cease and desist in any specified conduct if the Commissioner finds that:

(1) the licensee

has failed to pay the annual fee or an examination fee as provided in section

2754 of this chapter or to maintain the bond required under section 2755 of

this chapter or to comply with any demand, ruling, order, or requirement of the

Commissioner lawfully made pursuant to and within the authority of this


(2) the licensee

has violated any provision of this chapter, or any rule or regulation lawfully

made by the Commissioner under and within the authority of this chapter;

(3) any fact or

condition exists which, if it had existed at the time of the original

application for such license, would have warranted the Commissioner's refusal

originally to issue such license, including unconscionable conduct which takes

advantage of a consumer's lack of bargaining power or lack of understanding of

the terms or consequences of the agreement;

(4) the licensee

does not cooperate with an examination or investigation by the Commissioner;

(5) the licensee

engages in fraud, intentional misrepresentation, or gross negligence;

(6) the licensee

engages in an unsafe or unsound practice; or

(7) the licensee

has made any material false representation to the Commissioner in any

application or report filed with the Commissioner.

(b) Unless

otherwise specified in this chapter, the licensee shall receive 15 days' notice

and an opportunity to be heard before such order shall be issued. Mailing

notice to the licensee's current address as stated on the license shall be

presumptive evidence of its receipt by the licensee. However, if the

Commissioner finds that the public safety or welfare imperatively requires

emergency action, action with no prior notice or prior opportunity to be heard

may be taken, pending proceedings for revocation or other action. (Added 1969,

No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), §

1; 2009, No. 137 (Adj. Sess.), § 3.)