reglab/housing_qa huggingface dataset:
8 V.S.A. § 7003
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7003. Issuance and renewal of license

§ 7003. Issuance and renewal of license|(a) Upon the filing of an application and the payment of the license fee, the Commissioner shall make an investigation of each applicant and shall issue a license, if the applicant is qualified in accordance with this chapter. If the Commissioner does not so find, he or she shall within 30 days after he or she has declined such application, at the request of the applicant, give the applicant a full hearing.(b) The Commissioner shall issue or renew a license as may be applied for when he or she is satisfied that the person to be licensed:  (1) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for; (2) has a good business reputation and has had experience, training, or education so as to be qualified in the business for which the license is applied for; and (3) if a corporation, is a corporation incorporated under the laws of this State or a foreign corporation authorized to transact business in this State. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7004
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7004. Revocation or suspension of license; appeal

§ 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.)
8 V.S.A. § 7005
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7005. Books and records

§ 7005. Books and records|(a) Every insurance premium finance company shall maintain complete and accurate records of each of its insurance premium finance transactions and these records shall be open to examination and investigation by the Commissioner. The Commissioner may at any time during regular business hours examine such records at any location at which such records are maintained. The reasonable and necessary expenses for the examination and investigation, as determined by the Commissioner, shall be paid by the insurance premium finance company.(b) Every insurance premium finance company shall preserve its records of such insurance premium finance transactions, including cards used in a card system, if any, for at least two years after making the final entry in respect to any insurance premium finance agreement. The preservation of records in photographic, microfilm, microfiche, computer, or data processing form shall constitute compliance with this requirement. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7006
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7006. Form of insurance premium finance agreement

§ 7006. Form of insurance premium finance agreement|(a) An insurance premium finance agreement shall:  (1) be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight point type; (2) contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by him or her, the name and place of business of the insurance premium finance company to which payments are to be made, a brief description of the insurance contracts involved and the amount of premiums therefor; and (3) set forth the following items where applicable:  (A) the total amount of the premiums; (B) the amount of the down payment; (C) the principal balance (the difference between subdivisions (A) and (B) of this subdivision (3)); (D) the amount of the interest; (E) the balance payable by the insured (total of items listed in subdivisions (C) and (D) of this subdivision (3)); (F) the number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof; and (G) the annual percentage rate of interest charged under the agreement.    (b) The items set out in subdivision (a)(3) of this section need not be stated in the sequence or order in which they appear in such subdivision (a)(3), and additional items may be included only to explain the computations made in determining the amount to be paid by the insured. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7007
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7007. Limitation on interest and other charges

§ 7007. Limitation on interest and other charges|(a) An insurance premium finance company shall not charge, contract for, receive, or collect an interest charge or any fee, other than as permitted by this chapter.(b) The interest is to be computed on the balance of the premiums due (after subtracting the down payment made by the insured in accordance with the insurance premium finance agreement) from the effective date of the insurance contract, for which the premiums are being advanced, to and including the date when the final installment of the insurance premium finance agreement is payable.(c) The interest rate shall not exceed the rates permitted by 9 V.S.A. § 41a(b)(5), or a nonrefundable charge of $15.00 per insurance premium finance agreement, whichever is greater, except as provided herein. If the insurance policy which is the subject of the insurance premium finance agreement is for other than personal, family, or household purposes then the parties to the contract may agree upon any rate of interest which shall be stated in the insurance premium finance agreement. The interest permitted by this subsection anticipates timely repayment in consecutive monthly installments equal in amount for a period of one year. For repayment in greater or lesser periods or in unequal, irregular, or other than monthly installments, the interest may be computed at an equivalent effective rate having due regard for the timely payments of installments.(d) Notwithstanding the provisions of any insurance premium finance agreement, an insured may prepay the obligation in full at any time. In such event he or she shall receive a refund credit, which refund credit shall be computed according to the actuarial method on the assumption that all payments were made as originally scheduled. Where the amount of the refund credit is less than $1.00, no refund need be made, unless specifically requested by the insured. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7008
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7008. Delinquency and collection charges

§ 7008. Delinquency and collection charges|(a) An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of five percent of the amount of the delinquent installment which is in default for a period of five days or more, whichever is greater.(b) An insurance premium finance agreement may provide for payment of reasonable collection and court costs, and attorney's fees of not more than 25 percent of the outstanding indebtedness.(c) None of the charges referred to in this section shall be considered directly or indirectly in determining whether a violation of the usury laws has occurred under an insurance premium finance agreement. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7009
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7009. Cancellation of insurance contract upon default

§ 7009. Cancellation of insurance contract upon default|(a) When an insurance premium finance agreement contains a power of attorney enabling the insurance premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the insurance premium finance company unless such cancellation is effectuated in accordance with this section.(b) Not less than ten days' written notice shall be mailed to the insured, at his or her last known address as shown on the records of the insurance premium finance company, of the intent of the insurance premium finance company to cancel the insurance contract unless the default is cured within such ten day period.(c) After expiration of such ten day period, the insurance premium finance company may thereafter cancel such insurance contract or contracts by mailing to the insurer a notice of cancellation. The insurance contract shall be cancelled as if such notice of cancellation had been submitted by the insured himself or herself, but without requiring the return of the insurance contract or contracts. Such cancellation shall be effective no less than 10 days after mailing of the notice to the insurer. The insurance premium finance company shall also mail at least 10 days' notice of cancellation to the insured at his or her last known address as shown on the records of the insurance premium finance company. However, if the policy being cancelled is a policy defined in subdivision 4222(1) of this title, then the notice of cancellation shall be given by certified mail, return receipt requested, to the insured by the insurance premium finance company.(d) All statutory, regulatory, and contractual restrictions providing that the insurance contract may not be cancelled unless notice is given to a governmental agency, mortgagee, or other third party shall apply where cancellation is effected under the provisions of this section. The insurer shall give the prescribed notice on behalf of itself or the insured to any governmental agency, mortgagee, or other third party on or before the second business day after the day it receives the notice of cancellation from the insurance premium finance company and shall determine the effective date of cancellation taking into consideration the number of days' notice required to complete the cancellation. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7010
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7010. Return premiums

§ 7010. Return premiums|Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract directly to the insurance premium finance company for the account of the insured or insureds as soon as reasonably possible, but in no event shall the period for payment exceed 60 days after the effective date of cancellation of the insurance contract. In the event that the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the insurance premium finance company shall refund such excess to the insured provided that no such refund shall be required if it amounts to less than $1.00, unless specifically requested by the insured. (Added 1983, No. 77, § 1.)
8 V.S.A. § 7011
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 143 - Insurance Premium Finance Companies|§ 7011. Penalties for violations

§ 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.)
8 V.S.A. § 7032
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7032. Jurisdiction and venue

§ 7032. Jurisdiction and venue|(a) A delinquency proceeding shall not be commenced under this chapter by anyone other than the Commissioner and a court shall have no jurisdiction to entertain, hear, or determine any proceeding commenced by any other person.(b) A court of this State shall have no jurisdiction to entertain, hear, or determine any complaint praying for the dissolution, liquidation, rehabilitation, sequestration, conservation, or receivership of any insurer; or praying for an injunction or restraining order or other relief preliminary to, incidental to or relating to such proceedings other than in accordance with this chapter.(c) In addition to other grounds for jurisdiction provided by the law of this State, a court of this State having jurisdiction of the subject matter has jurisdiction over a person served pursuant to the Vermont Rules of Civil Procedure or other applicable provisions of law in an action brought by the receiver of a domestic insurer or an alien insurer domiciled in this State:  (1) if the person served is an agent, broker, or other person who has at any time written policies of insurance for or has acted in any manner whatsoever on behalf of an insurer against which a delinquency proceeding has been instituted, in any action resulting from or incident to such a relationship with the insurer; or (2) if the person served is a reinsurer who has at any time entered into a contract of reinsurance with an insurer against which a delinquency proceeding has been instituted, or is an agent or broker of or for the reinsurer, in any action on or incident to the reinsurance contract; or (3) if the person served is or has been an officer, director, manager, trustee, organizer, promoter, or person in a position of comparable authority or influence over an insurer against which a delinquency proceeding has been commenced, in any action resulting from such a relationship with the insurer; or (4) if the person served is or was at the time of the institution of the delinquency proceeding against the insurer holding assets in which the receiver claims an interest on behalf of the insurer, in any action concerning the assets; or (5) if the person served is obligated to the insurer in any way whatsoever, in any action on or incident to the obligation.   (d) If the Court on motion of any party finds that any action should as a matter of substantial justice be tried in a forum outside this State, the Court may enter an appropriate order to stay further proceedings on the action in this State.(e) All actions authorized by this section shall be brought in the Superior Court of Washington County. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7033
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7033. Injunctions and orders

§ 7033. Injunctions and orders|(a) A receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:  (1) the transaction of further business; (2) the transfer of property; (3) interference with the receiver or with a proceeding under this chapter; (4) waste of the insurer's assets; (5) dissipation and transfer of bank accounts; (6) the institution or further prosecution of any actions or proceedings; (7) the obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets or its policyholders; (8) the levying of execution against the insurer, its assets or its policyholders; (9) the making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer; (10) the withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or (11) any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this chapter.   (b) The receiver may apply to a court outside the State for the relief described in subsection (a) of this section. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7034
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7034. Cooperation of officers, owners, and employees

§ 7034. Cooperation of officers, owners, and employees|(a) An officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term "person" as used in this section shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer. "To cooperate" shall include the following:  (1) to reply promptly in writing to any inquiry from the Commissioner requesting such a reply; and (2) to make available to the Commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in his or her possession, custody, or control.   (b) A person shall not obstruct or interfere with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding.(c) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders.(d) A person described in subsection (a) of this section who fails to cooperate with the Commissioner, or any person who obstructs or interferes with the Commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental to a delinquency proceeding, or who violates any order the Commissioner issued validly under this chapter may:  (1) be sentenced to pay a fine not exceeding $10,000.00 or to undergo imprisonment for a term of not more than one year, or both; or (2) after a hearing, be subject to the imposition by the Commissioner of a civil penalty not to exceed $10,000.00 and shall be subject further to the revocation or suspension of any insurance licenses issued by the Commissioner. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7035
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7035. Continuation of delinquency proceedings

§ 7035. Continuation of delinquency proceedings|Every proceeding heretofore commenced under the laws in effect before May 29, 1991, except a liquidation proceeding in which a liquidation order has been entered by the Superior Court, shall be deemed to have commenced under this chapter for the purpose of conducting the proceeding henceforth, except that in the discretion of the Commissioner the proceeding may be continued, in whole or in part, as it would have been continued had this chapter not been enacted. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
8 V.S.A. § 7036
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers|§ 7036. Condition on release from delinquency proceedings

§ 7036. Condition on release from delinquency proceedings|An insurer subject to delinquency proceedings, whether formal or informal, shall not:  (1) be released from such proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding; (2) be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority; (3) be returned to the control of its shareholders or private management; or (4) have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association. (Added 1991, No. 45, § 2, eff. May 29, 1991.)