Print
The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
083
:
DEBT ADJUSTERS
§
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
chapter;
(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.)