Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

143

:
INSURANCE PREMIUM FINANCE COMPANIES











 

§

7002. License required

(a) No person

shall engage in the business of an insurance premium finance company in the

State without first having obtained a license as an insurance premium finance

company from the Commissioner.

(b) The annual

license fee shall be $200.00. Licenses may be renewed from year to year as of

July 1 of each year upon payment of the fee of $200.00. The license fee shall

be paid to the Commissioner.

(c) The

Commissioner shall have authority, at any time, to require the applicant to

disclose fully the identity of all stockholders, partners, officers, and

employees and he or she may, in his or her discretion, refuse to issue or renew

a license in the name of any firm, partnership, or corporation if he or she is

not satisfied that any officer, employee, stockholder, or partner thereof who

may materially influence the applicant's conduct meets the standards of this

chapter.

(d) This section

shall not apply to any building or savings and loan association, bank, trust

company, licensed lender, or credit union authorized to do business in this

State, nor to an insurance company or to an insurance agent or insurance broker

licensed to do business in this State financing premiums on policies written by

such agent or broker; provided, however, that all other provisions of this

chapter shall apply to the financing of insurance premiums. (Added 1983, No.

77, § 1.)