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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

143

:
INSURANCE PREMIUM FINANCE COMPANIES











 

§

7004. Revocation or suspension of license; appeal

(a) The

Commissioner may revoke or suspend the license of any insurance premium finance

company when after investigation the Commissioner finds that:

(1) the license

issued to such company was obtained by fraud;

(2) there was

any misrepresentation or material omission in the application for the license;

(3) the holder

of such license has otherwise shown himself or herself untrustworthy or

incompetent to act as an insurance premium finance company; or

(4) such company

has violated any of the provisions of this chapter.

(b) Before the

Commissioner shall revoke, suspend, or refuse to renew the license of any

insurance premium finance company, the licensee shall be entitled to a hearing

in accordance with 3 V.S.A. chapter 25, the Administrative Procedure Act of

this State. In lieu of revoking or suspending the license for any of the causes

enumerated in this section, after hearing as herein provided, the Commissioner

may subject such company to a penalty of not more than $200.00 for each offense

when in his or her judgment he or she finds that the public interest would not

be harmed by the continued operation of such company. The amount of any penalty

shall be paid by such company to the Commissioner.

(c) If the

Commissioner refuses to issue to any person a license as an insurance premium

finance company, or he or she revokes, suspends, or refuses to renew the

license of any insurance premium finance company, or he or she imposes a

penalty on such company after a hearing as provided under subsection (b) of

this section, the applicant or licensee may appeal from such refusal to issue a

license or from such adjudication in accordance with 3 V.S.A. chapter 25, the

Administrative Procedure Act of this State. (Added 1983, No. 77, § 1.)