§2758a. Surrender of license, no effect on liability; reinstatement

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

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The Vermont Statutes Online



Banking and Insurance






2758a. Surrender of license, no effect on liability; reinstatement

(a) Any licensee

may surrender any license by delivering to the Commissioner the license and

notice that the licensee thereby surrenders such license.

(b) Surrender

shall not affect the licensee's civil or criminal liability for acts committed

prior to surrender. No revocation, suspension, or refusal to renew or surrender

of any license shall impair or affect the obligation of any preexisting lawful

contract between the licensee and any borrower.

(c) The

Commissioner shall have authority to reinstate revoked, suspended, or

nonrenewed licenses or to issue new licenses to a licensee whose license or

licenses shall have been revoked, suspended, or nonrenewed if no fact or

condition then exists which would have justified the Commissioner in refusing

originally to issue such license under this chapter. (Added 2003, No. 81 (Adj.

Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 3.)