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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

085

:
LOAN SERVICERS











 

§

2909. Notice of change of condition

A licensee shall

notify the Commissioner immediately in writing within three business days of

the occurrence of any of the following significant developments:

(1) Filing for

bankruptcy or reorganization of the licensee or any partner, member, officer,

director, control person, principal employee, or equivalent.

(2) Filing of a

criminal indictment related in any way to the activities of the licensee or

related to any partner, member, officer, director, control person, principal

employee, or equivalent.

(3) Receiving

notification of a license denial, cease and desist order, suspension, or

revocation procedure or other formal or informal regulatory action in any state

against the licensee, and including the reasons for such action.

(4) Receiving

notification of the initiation of any action by the Attorney General of this

State or any other state, including the reason for such action.

(5) Receiving

notification of the initiation of a class action lawsuit on behalf of consumers

against the licensee that is related to the operation of the licensed business.

(6) Any partner,

member, officer, director, control person, principal employee, or equivalent

being convicted of a crime. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1,

2011.)