reglab/housing_qa huggingface dataset:
8 V.S.A. § 2916
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 85 - Loan Servicers|§ 2916. Segregated accounts

§ 2916. Segregated accounts|(a) All amounts paid by borrowers to a licensee subject to this chapter shall be deposited in one or more accounts maintained at a federally insured depository institution and with respect to such funds, the licensee shall act as a fiduciary. Such account or accounts shall be segregated from all other accounts of the licensee. Such funds shall not be used in the conduct of the licensee's personal affairs or in the licensee's business affairs.(b) The licensee may withdraw funds from the segregated account for payment directly to the owner of the loan or other third party of principal and interest and other payments as may be required pursuant to the terms of the loan document or servicing contract.(c) The licensee may withdraw funds from the segregated account for commissions to which it is entitled for services actually performed.(d) The licensee may return funds from the segregated account to the borrower if not prohibited.(e) The licensee shall maintain complete and accurate account records, including, at a minimum, the source of all deposits, the nature and recipient of all disbursements, the date and amount of each transaction, and the name of the borrower. All documents pertaining to account activity shall be produced upon request of the Commissioner. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)
8 V.S.A. § 2917
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 85 - Loan Servicers|§ 2917. Examinations

§ 2917. Examinations|The Commissioner shall examine the affairs, business, and records of each licensee under this chapter at least once every three years. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011; amended 2019, No. 20, § 94.)
8 V.S.A. § 2922
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 85 - Loan Servicers|§ 2922. Prohibited acts and practices

§ 2922. Prohibited acts and practices|(a) It is a violation of this chapter for a person to:  (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice toward any person; (3) obtain property by fraud or misrepresentation; (4) use any unfair or unconscionable means in servicing a loan; (5) knowingly misapply or recklessly apply loan payments to the outstanding balance of a loan; (6) knowingly misapply or recklessly apply payments to escrow accounts; (7) require the unnecessary forced placement of insurance, when adequate insurance is currently in place; (8) fail to provide loan payoff information within the time period set forth in 27 V.S.A. § 464; (9) charge excessive or unreasonable fees to provide loan payoff information; (10) fail to manage and maintain escrow accounts in accordance with section 10404 of this title; (11) knowingly or recklessly provide inaccurate information to a credit bureau, thereby harming a consumer's creditworthiness; (12) fail to report both the favorable and unfavorable payment history of the consumer to a nationally recognized consumer credit bureau at least annually if the servicer regularly reports information to a credit bureau.; (13) collect private mortgage insurance beyond the date for which private mortgage insurance is no longer required; (14) knowingly or recklessly facilitate the illegal foreclosure of real property collateral; (15) knowingly or recklessly facilitate the illegal repossession of chattel collateral; (16) fail to respond to consumer complaints in a timely manner; (17) conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter; (18) fail to comply with any federal or state law, rule, or other legally binding authority relating to the evaluation of loans for modification purposes or the modification of loans; (19) fail to comply with this chapter or rules adopted under this chapter, or fail to comply with any orders or directives from the Commissioner, or fail to comply with any other state or federal law, including the rules thereunder, applicable to any business authorized or conducted under this chapter.   (b) A violation of this section is an unfair and deceptive act or practice under 9 V.S.A. § 2453, provided that the Commissioner's determinations concerning the interpretation and administration of the provisions of this chapter and any rules adopted thereunder shall carry a presumption of validity. Prior to initiating an action for a violation of this chapter, the Attorney General shall consult with the Commissioner regarding the proposed action. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)
8 V.S.A. § 3301a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3301a. Insurance defined

§ 3301a. Insurance defined|As used in this title, "insurance" means an agreement to indemnify or otherwise assume an obligation, provide services or any other thing of value on the happening of a particular event or contingency, or to provide indemnity for loss with respect to a specified subject by specified circumstances in return for a consideration. Without limiting the generality of the term, "insurance" shall include any business defined in section 3301 of this title, annuity contracts, and the business of health maintenance organizations and continuing care retirement communities. (Added 2001, No. 71, § 2, eff. June 16, 2001.)
8 V.S.A. § 3302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3302. Plan of organization; incorporators

§ 3302. Plan of organization; incorporators|For the purpose of this chapter an insurance company may be incorporated as a stock insurer with its capital divided into shares and owned by the stockholders, or a mutual insurer without capital stock the governing body of which is elected by its policyholders. There shall be not less than 15 incorporators of whom not less than two-thirds shall be citizens of this State. Except as provided in sections 4831 through 4856 of this title, no unincorporated association shall be formed after July 1, 1968, for the purpose of doing any insurance business in Vermont. Those domestic unincorporated associations which are doing insurance business of any kind under authority of the Commissioner on July 1, 1968, may continue to carry on their business subject to the provisions of this part. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 2); amended 1971, No. 31, § 2, eff. March 31, 1971.)
8 V.S.A. § 3303
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3303. Mutual companies; directors, charter provisions as to

§ 3303. Mutual companies; directors, charter provisions as to|The articles of association or bylaws of a mutual insurer shall set forth the manner in which its board of directors or other governing body shall be elected, and in which meetings of policyholders shall be called, held, and conducted, subject to such procedures as may be required by the Commissioner under section 75 of this title. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 3); amended 1971, No. 51, § 1, eff. July 1, 1971.)
8 V.S.A. § 3304
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3304. Capital and surplus requirements

§ 3304. Capital and surplus requirements|To qualify for authority to transact the business of insurance, a stock insurer seeking such authorization shall possess and thereafter maintain unimpaired paid-in capital of not less than $2,000,000.00 and, when first so authorized, shall possess and maintain free surplus of not less than $3,000,000.00. Such capital and surplus shall be in the form of cash or marketable securities, a portion of which may be held on deposit with the State Treasurer, such securities as designated by the insurer and approved by the Commissioner, in an amount and subject to such conditions determined by the Commissioner. Such conditions shall include a requirement that any interest or other earnings attributable to such cash or marketable securities shall inure to the benefit of the insurer until such time as the Commissioner determines that the deposit must be used for the benefit of the policyholders of the insurer or some other authorized public purpose relating to the regulation of the insurer. The Commissioner may prescribe additional capital or surplus for all stock insurers authorized to transact the business of insurance based upon the type, volume, and nature of insurance business transacted. The Commissioner may reduce or waive the capital and surplus amounts required by this section pursuant to a plan of dissolution for the company approved by the Commissioner. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 4); amended 1991, No. 101, § 1; 2003, No. 105 (Adj. Sess.), § 2; 2005, No. 36, § 9, eff. June 1, 2005.)
8 V.S.A. § 3305
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3305. Petition; hearing

§ 3305. Petition; hearing|Before the articles of association are transmitted to the Secretary of State, the incorporators shall petition the Commissioner to hold a public hearing, in the county where the proposed corporation is to have its principal office, to determine whether the establishment and maintenance of the proposed corporation will promote the general good of the State. The Commissioner shall thereupon appoint a time and place in such county for hearing the petition and shall make an order for the publication of the substance of the petition and of the time and place of the hearing three weeks successively in a newspaper published in the county, or, for want thereof, in an adjoining county, the last publication to be at least 12 days before the day appointed for the hearing. If, after the hearing, the Commissioner finds and adjudges that the establishment and maintenance of the proposed corporation will promote the general good of the State, he or she shall give the incorporators a certificate to that effect under his or her seal. In determining the general good of the State as herein required, the Commissioner shall consider:  (1) The character, reputation, financial standing, and purposes of the organizers, incorporators, and subscribers organizing the proposed insurer or organization. (2) The character, reputation, financial responsibility, insurance experience, and business qualifications of its proposed officers and directors. (3) Such other aspects of the proposed insurer or financing as he or she may deem advisable. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 5).)
8 V.S.A. § 3306
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3306. Duties of Secretary of State, records

§ 3306. Duties of Secretary of State, records|The articles of association, the certificate, and the organization fee shall be transmitted to the Secretary of State, who shall thereupon record both the articles and the certificate. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 6).)
8 V.S.A. § 3307
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3307. Consideration for stock

§ 3307. Consideration for stock|(a) The capital stock of a corporation doing any and all insurance and reinsurance comprised in any one or more of the subdivisions of section 3301 of this title shall be issued at not less than par and under any of the following conditions, subject to the approval of the Commissioner:  (1) For cash. (2) For the stock of another insurance company on a reorganization or merger. (3) For the stock of the same insurance company at the same or a different par value or preference than that of the stock called for exchange. (4) As a stock dividend. Any increase in par value under subdivisions (2) and (3) of this subsection and of the stock dividend provided in this subdivision are chargeable against the issuing corporation's surplus, undivided profits or a reserve established for that purpose. However, the limitations of this subdivision shall not exclude the payment of cash for a part of any increase in par value provided in subdivisions (2) and (3) of this subsection.   (b) Whenever the charter or articles of association of an insurance company are so amended as to authorize an increase in its capital stock, it shall not be required to issue the whole amount of authorized increase, nor required to make any statement of capital except to the amount actually paid in or issued in accordance with the provisions of this chapter. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 7).)
8 V.S.A. § 3308
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3308. List of stockholders; certificate to transact business; liability of president and directors

§ 3308. List of stockholders; certificate to transact business; liability of president and directors|When the entire capital stock of a corporation having capital stock has been issued, a complete list of the stockholders with the name and post office address of each and the number of shares held by each shall be filed with the Commissioner, who shall examine the corporation. If, after such examination, it appears that the whole capital stock has been paid in cash, and the Commissioner has considered the criteria in section 3361 of this chapter, the Commissioner shall issue a certificate under his or her seal authorizing the corporation to begin the transaction of business, which shall be filed with the Secretary of State. A corporation having capital stock shall not begin the transaction of business until the certificate has been issued and filed. If a corporation commences business before a certificate is issued and filed, the president and directors assenting thereto are personally liable for all debts incurred before the certificate is issued and filed. (Amended 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 8); 2015, No. 15, § 1, eff. May 1, 2015.)
8 V.S.A. § 3308a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3308a. Reorganization formations

§ 3308a. Reorganization formations|Notwithstanding sections 3302, 3303, 3304, 3307, 3308, and 3309 of this title, the Commissioner may permit the formation of an insurance company without capital or surplus to be merged with or into or consolidated with an existing insurance company authorized to do business under this chapter for the purpose of facilitating a reorganization or acquisition transaction, including a triangular merger transaction, involving such existing company. There shall be no more than one authorized insurance company surviving reorganization under this section. (Added 1997, No. 54, § 1, eff. June 26, 1997.)
8 V.S.A. § 3309
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3309. Mutual insurers to commence business; when

§ 3309. Mutual insurers to commence business; when|(a) A corporation that, according to its charter, is not to have a capital stock shall not receive authorization to commence business until:  (1) it complies with preliminary requirements for the procurement of an adequate amount of subscriptions for insurance and possesses and thereafter maintains unimpaired basic surplus of not less than $2,000,000.00 and, when first authorized, shall possess free surplus of not less than $3,000,000.00; and (2) the Commissioner has considered the criteria in section 3361 of this chapter.   (b) The Commissioner in his or her discretion may establish lesser surplus amount requirements in the case of affiliated corporations jointly conducting the business of insurance under a pooling agreement. Such surplus shall be in the form of cash or marketable securities, a portion of which may be held on deposit with the State Treasurer, such securities as designated by the insurer and approved by the Commissioner, in an amount and subject to conditions determined by the Commissioner. The conditions shall include a requirement that any interest or other earnings attributable to cash or marketable securities shall inure to the benefit of the insurer until the Commissioner determines that the deposit must be used for the benefit of the policyholders of the insurer or some other authorized public purpose relating to the regulation of the insurer. The Commissioner may prescribe additional surplus based upon the type, volume, and nature of insurance business transacted. (Amended 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 9); 1991, No. 101, § 2; 2003, No. 105 (Adj. Sess.), § 3; 2015, No. 15, § 2, eff. May 1, 2015.)
8 V.S.A. § 3310
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3310. Amendment of charter

§ 3310. Amendment of charter|A corporation formed under the provisions of this chapter or by a special act of the Legislature may amend its articles of association or its charter as provided therein or in the absence of such provision by vote of three-fourths of its stockholders (in the case of a stock company) or members (in the case of a mutual company) present at a meeting thereof, provided the Commissioner, in all cases, on petition and after a hearing held substantially as is specified in section 3305 of this title, certifies that such amendment shall not be detrimental to the policyholders and such other persons as have an interest in said corporation. His or her certificate shall be recorded with the certificate of amendment. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 10).)
8 V.S.A. § 3311
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3311. Quorum

§ 3311. Quorum|In the case of a mutual insurance company, the policyholders or annuitants therein, who attend a duly called meeting, shall constitute a quorum. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 11).)
8 V.S.A. § 3312
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3312. Construction with other laws

§ 3312. Construction with other laws|(a) Corporations formed under the provisions of this subchapter shall have the privileges and be subject to the provisions of the general corporation law as well as the applicable provisions contained in this part. In the event of conflict between the provisions of the general corporation law and the provisions of this part, the latter shall control. Such corporations shall not be required to make any annual report except as provided in this part.(b) A corporation formed prior to July 1, 1968, for any purpose for which a corporation may be formed under this subchapter, with respect to all acts done after such date, shall be deemed to be within the provisions of this subchapter and of the general corporation law, in like manner as a corporation formed under this subchapter. But the foregoing provisions shall be subject to all such exceptions and qualifications as are contained in 11 V.S.A. § 2. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 12).)
8 V.S.A. § 3313
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3313. Proxies

§ 3313. Proxies|(a) The Commissioner may prescribe by rules and regulations, the form, content and manner of solicitation of any proxy, consent, or authorization in respect of any voting security issued by a domestic insurer as necessary or appropriate in the public interest, or for protection of investors in the securities, or to insure the fair dealing in the securities.(b) The term "voting security" as used in this section shall mean any instrument issued by a domestic stock insurance company which, in law or by contract, gives the holder the right to vote, consent, or authorize any corporate action of the insurer.(c) This section shall not apply to voting securities of a domestic insurer if the securities are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.(d) Any person, domestic insurer, or director, officer, or employee of the insurer, shall not solicit or permit the use of his or her name to solicit, by mail or otherwise, any person to give a proxy, consent, or authorization in respect of a voting security issued by the insurer in contravention of any rule or regulation made under this section.(e) Failure to comply with any rule or regulation made under this section shall be unlawful and any proxy or consent obtained in violation of this section or in contravention of any rule or regulation made thereunder shall be void. Any domestic insurer or any person who is legally entitled to vote, consent, or authorize by virtue of being the holder of record of such a security, or the Commissioner, if the other parties fail to act within 15 days after the date on which the vote was cast or counted, may enforce compliance with any rule or regulation made under this section, by appropriate civil action, except that no suit shall be brought more than 30 days after the date on which the vote, consent, or authorization was to have been effected. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 13).)
8 V.S.A. § 3314
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3314. Annual financial statements; reports; filing fee

§ 3314. Annual financial statements; reports; filing fee|Notwithstanding any other provision of law, any insurer, of whatever form and description other than captive insurance companies organized under chapter 141 of this title, that is required by statute to file an annual statement or report of financial condition, shall pay a fee of $100.00 for filing its statement or report with the Commissioner. (Added 1985, No. 236 (Adj. Sess.), § 13.)
8 V.S.A. § 3315
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 101 - Insurance Companies Generally|§ 3315. Coordinated regulation

§ 3315. Coordinated regulation|Notwithstanding section 5112 of this title and any other provision of this title, the Commissioner may cooperate and coordinate with the insurance supervisory authorities of other states or through the facilities or subsidiaries of a national organization which facilitate regulatory efficiency and cooperation on a nationwide basis. The areas of cooperation and coordination contemplated by this section include the following: solvency oversight; company and producer licensing, appointment, and discipline; rate and forms review and approval; and investigation and examination of persons subject to the insurance laws of this State. The Commissioner may enter into agreements or contracts concerning the coordination and cooperation contemplated by this section with such other state or organization. The Commissioner may adopt, by rule, any uniform standards or procedures as are necessary to fully implement cooperative and coordinated supervision of the business of insurance. In the event of conflict between this provision and other pertinent provisions of parts 3 and 4 of this title, the Commissioner may elect that this provision prevail, if the Commissioner deems that such election is in the best interests of the State. (Added 2001, No. 71, § 3, eff. June 16, 2001.)