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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

143

:
INSURANCE PREMIUM FINANCE COMPANIES











 

§

7011. Penalties for violations

Any insurance

premium finance company who willfully and knowingly violates the provisions of

any section of this chapter shall be fined not more than $2,000.00 for each

offense or imprisoned not more than five years, or both. Any insurance premium

finance agreement, not invalid for any other reason, in the making or

collection of which any act shall have been done which constitutes an offense

under this section shall be void and the insurance premium finance company shall

have no right to collect or receive any principal, interest, or charges

whatsoever. Any insurance premium finance company who violates the provisions

of this chapter shall be liable to pay an administrative penalty of not more

than $2,000.00 for each such offense. (Added 1983, No. 77, § 1; amended 1995,

No. 167 (Adj. Sess.), § 24.)