reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 10. Declaration of policy

§ 10. Declaration of policy
It is declared to be the policy of the State of Vermont that:
(1) the business of organizations that offer financial services and products shall be supervised by the Commissioner in a manner to assure the solvency, liquidity, stability, and efficiency of all such organizations, to assure reasonable and orderly competition, thereby encouraging the development, expansion, and availability of financial services and products advantageous to the public welfare and to maintain close cooperation with other supervisory authorities;
(2) all such organizations shall be supervised in such a way as to protect consumers against unfair and unconscionable practices and to provide consumer education. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 11. Department

§ 11. Department
(a) General. The Department of Financial Regulation created by 3 V.S.A. § 212 shall have jurisdiction over and shall supervise:
(1) Financial institutions, credit unions, licensed lenders, mortgage brokers, insurance companies, insurance agents, broker-dealers, investment advisors, and other similar persons subject to the provisions of this title and 9 V.S.A. chapters 59, 61, and 150.
(2) The administration of health care as provided in 18 V.S.A. chapter 221.
(b) Conflicts of Interest.
(1) Neither the Commissioner nor any employee of the Department shall, during his or her term of office or while employed by the Department, be an officer, director, organizer, employee of, or attorney for any institution subject to supervision or regulation by the Department.
(2) The Commissioner and employees of the Department shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any institution subject to supervision or regulation by the Department or be engaged in the negotiation of loans for others with any such institution. The prohibitions contained in this subdivision shall not be construed as prohibiting a person from being a depositor, equity interest owner, or member in any financial institution or credit union or an insurance policyholder or equity interest owner on the same terms as are available to the public generally.
(3) If the Commissioner, or any employee of the Department or the spouse of any of them or the son or daughter of any of them residing at their respective homes obtains a loan from or holds an equity interest in any financial institution or credit union subject to supervision or regulation by the Department, the fact of the loan or of the holding, together with the appropriate terms and conditions, shall be disclosed immediately to the Commissioner in writing by the person obtaining the loan or holding.
(4) A record of the indebtedness or holding described in subdivision (3) of this subsection shall be kept on file in the Department and shall be open to inspection by the public.
(5) The Commissioner shall investigate the loan or equity interest to ensure that no preferential treatment has been given the Department employee in the process of granting the loan or issuing the interest and that the loan or interest will not compromise the employee’s effectiveness in carrying out his or her departmental duties. Where the loan has been obtained by or where the interest is held by the Commissioner, the investigation shall be conducted by the State Treasurer.
(c) Retention of documents. The Commissioner shall keep on file for a reasonable period of time such instruments, papers, and documents required by law to be filed with the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2007, No. 49, § 18, eff. July 1, 2006; 2011, No. 78 (Adj. Sess.), §§ 2, 3, eff. April 2, 2012; 2013, No. 79, § 45.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 12. Commissioner

§ 12. Commissioner
The Department shall be administered by a Commissioner of Financial Regulation who shall be appointed by the Governor biennially, in the month of February, with the advice and consent of the Senate. Commissioner, as used in this title, shall mean the Commissioner of Financial Regulation. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 13. Powers and penalties

§ 13. Powers and penalties
(a) In addition to any other penalties, and in order to enforce this title, 9 V.S.A. chapters 131 and 150, Title 9A, and 18 V.S.A. chapter 221, the Commissioner may issue subpoenas, examine persons, administer oaths, and require production of papers and records. Any subpoena or notice to produce may be served by registered or certified mail or in person by an agent of the Commissioner. Service by registered or certified mail shall be effective three business days after mailing. Any subpoena or notice to produce shall provide at least six business days’ time from service within which to comply, except that the Commissioner may shorten the time for compliance for good cause shown. Any subpoena or notice to produce sent by registered or certified mail, postage prepaid, shall constitute service on the person to whom it is addressed. Each witness who appears before the Commissioner under subpoena shall receive a fee and mileage as provided for witnesses in civil cases in Superior Courts; provided, however, any person subject to regulation under this title shall not be eligible to receive fees or mileage under this section.
(b) A person who fails or refuses to appear, to testify, or to produce papers or records for examination before the Commissioner, upon properly being ordered to do so, may be assessed an administrative penalty by the Commissioner of Financial Regulation of not more than $2,000.00 for each day of noncompliance and proceeded against as provided in the Administrative Procedure Act, and that person’s authority to do business may be suspended for not more than six months.
(c) If an appeal or other petition for judicial review of a final order is not filed in connection with an order of the Commissioner under this title, or 18 V.S.A. chapter 22, the Commissioner may file a certified copy of the final order with the clerk of a court of competent jurisdiction. The order so filed has the same effect as a judgment of the court and may be recorded, enforced, or satisfied in the same manner as a judgment of the court.
(d) In addition to any other penalties or powers, the Commissioner may order a person to make restitution or provide disgorgement of any sums shown to have been obtained in violation of provisions of this title and 18 V.S.A. chapter 221, plus interest at the legal rate. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2007, No. 49, § 19; eff. July 1, 2006; 2009, No. 42, § 4; 2011, No. 78 (Adj. Sess.), § 4, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 16. Judicial review

§ 16. Judicial review
Any person aggrieved and directly affected by an order of the Commissioner may appeal to the Supreme Court of Vermont, except as otherwise expressly provided in this title or in 9 V.S.A. chapters 131 and 150. The filing of an appeal for review or injunctive relief shall not stay enforcement of an order, but the Court may order a stay on such terms as it deems proper. The Court may affirm the order of the Commissioner, may direct him or her to take the action withheld, or may reverse or modify the order if it:
(1) was issued pursuant to unconstitutional statutory provisions;
(2) was in excess of statutory authority;
(3) was issued on unlawful procedure; or
(4) is not supported by substantial evidence in the record. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2007, No. 49, § 20; eff. July 1, 2006.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 17. Liability for acts

§ 17. Liability for acts
A person serving in any official capacity under this title, 9 V.S.A. chapter 131 or 150, or 18 V.S.A. chapter 221, including the Commissioner and any officer, employee, or agent of the Department, shall not be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office. No person may be subjected to any civil or criminal liability for any act or omission to act done in good faith in reliance on a subsisting order, regulation, or rule of the Commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation, or rule. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2007, No. 49, § 21; eff. July 1, 2006.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 18. Charges for examinations, applications, reviews, and investigations

§ 18. Charges for examinations, applications, reviews, and investigations
(a) Every person subject to regulation by the Department shall pay the Department the reasonable costs of any examination, review, or investigation that is conducted or caused to be conducted by the Department of such person, or of any application or filing made by such person, or of any examination, review, or investigation of any order, decision, or certificate issued by the Commissioner, at a rate to be determined by the Commissioner. The Department may retain experts or other persons who are independently practicing their professions to assist in such examination, review, or investigation. The Department shall be reimbursed for all reasonable costs and expenses, including the reasonable costs and expenses of such persons retained by the Department, by the person examined, submitting the application or filing reviewed, investigated, or subject to or under the jurisdiction of an order, decision, or certificate issued by the Commissioner under this title or under Title 18. An examination, review, or investigation subject to this section shall include an examination, review, or investigation of any application, information, rate filing, or form filing submitted, or any order, decision, or certificate issued under this title or under Title 18. In unusual circumstances, the Commissioner may waive reimbursement for the costs and expenses of any review in the interests of justice. Except as set forth in subsection (b) of this section, those institutions subject to assessment or fees for services provided under section 19 of this title shall not be billed for a regular examination performed under subsection 11501(a) or 30601(a) of this title or for services for which such fees under subsection 19(a) of this title have been paid.
(b) Merchant banks established under section 12603 of this title, uninsured banks established under section 12604 of this title, and independent trust companies subject to assessment under subdivision 2405(f)(1) of this title shall pay the Department the costs and expenses of all examinations, including regular and special or expanded scope examinations.
(c) The authority granted to the Commissioner by this section is in addition to any other authority granted to the Commissioner by law.
(d) The Commissioner shall bill costs incurred by the Department in connection with any examination, review, or investigation conducted or caused to be conducted by the Department to the EB-5 projects subject to regulatory oversight under 10 V.S.A. chapter 3. It is the intent of the General Assembly that the costs of regulation of EB-5 projects be borne by project developers and not by the State General Fund or special funds. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended 2003, No. 53, § 21, eff. June 4, 2003; 2005, No. 16, § 2, eff. July 1, 2005; 2011, No. 21, § 6; 2011, No. 78 (Adj. Sess.), § 5, eff. April 2, 2012; 2013, No. 29, § 1; 2015, No. 149 (Adj. Sess.), § 34e.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 20. Uniform Commercial Code

§ 20. Uniform Commercial Code
(a) All commercial transactions of financial institutions doing business in this State shall be governed by and conducted in accordance with Title 9A.
(b) In any conflict between the provisions of Title 9A and any other provisions of law, including organizational documents of financial institutions, dealing with the same subject matter, Title 9A shall prevail unless otherwise specifically provided by law. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 21. Applicability of laws governing business organizations

§ 21. Applicability of laws governing business organizations
Depending on the permitted type of organizational form, the provisions of Titles 11, 11A, and 11B, relating to corporations, limited liability companies, limited liability partnerships, limited partnerships, partnerships, mutual and cooperative organizations and other organizations, shall apply to business organizations regulated under this title. In the case of a conflict and to the extent that such provisions may be inconsistent with the provisions of Titles 11, 11A, and 11B, the provisions of this title shall control. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 23. Confidentiality of investigation and examination reports

§ 23. Confidentiality of investigation and examination reports
(a) This section shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered, under this title or under 9 V.S.A. chapter 150.
(b) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports of examinations by the Commissioner, whether in the possession of a supervisory agency or another person, shall be confidential and privileged, shall not be made public, and shall not be subject to discovery or introduction into evidence in any private civil action. No person who participated on behalf of the Commissioner in an investigation or examination shall be permitted or required to testify in any such civil action as to any findings, recommendations, opinions, results, or other actions relating to the investigation or examination.
(c) The Commissioner may, in his or her discretion, disclose or publish or authorize the disclosure or publication of any such record or report or any part thereof in the furtherance of legal or regulatory proceedings brought as a part of the Commissioner’s official duties. The Commissioner may, in his or her discretion, disclose or publish or authorize the disclosure or publication of any such record or report or any part thereof, to civil or criminal law enforcement authorities for use in the exercise of such authority’s duties, in such manner as the Commissioner may deem proper.
(d) For the purposes of this section, records of investigations and records and reports of examinations shall include joint examinations by the Commissioner and any other supervisory agency. Records of investigations and reports of examinations shall also include records of examinations and investigations conducted by:
(1) any agency with supervisory jurisdiction over the person; and
(2) any agency of any foreign government with supervisory jurisdiction over any person subject to the jurisdiction of the Department, when such records are considered confidential by such agency or foreign government and the records are in the possession of the Commissioner. (Added 2001, No. 55, § 3, eff. June 12, 2001; amended 2015, No. 63, § 5, eff. June 17, 2015; 2021, No. 25, § 10, eff. May 12, 2021; 2023, No. 32, § 7a, eff. July 1, 2023.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 1 - Policy and Administration › § 24. Senior investor protection

§ 24. Senior investor protection
(a) The Commissioner may, in addition to other powers conferred on the Commissioner by law, adopt rules and issue orders necessary to protect senior investors from being misled by false or misleading certifications, licenses, professional designations, or other credentials that imply or indicate a special level of knowledge with regard to senior investors or their needs in the sale of securities or insurance, or both, in the providing of investment advice.
(b) To implement the protections described in subsection (a) of this section, the Commissioner may:
(1) establish standards for senior-specific certifications, licenses, professional designations, and other credentials;
(2) develop initiatives to investigate and take action against fraudulent, misleading, dishonest, or unethical marketing practices directed toward seniors;
(3) develop educational materials and training aimed at reducing such marketing practices; and
(4) accept grants from government or private entities to fund the activities set forth in this section.
(c) Any rules adopted or orders issued by the Commissioner under this section shall conform to the extent practicable to the North American Securities Administrators Association Model Rule on the Use of Senior-Specific Certifications and Professional Designation, as amended, and the National Association of Insurance Commissioners Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities, as amended.
(d)(1) A violation of a rule adopted or orders issued under this section with respect to the business of insurance shall constitute an unfair or deceptive act or practice in the business of insurance, and the Commissioner may enforce such violations pursuant to the Commissioner’s authority conferred by the Insurance Trade Practices Act, chapter 129 of this title, and pursuant to any other authority conferred upon the Commissioner by law.
(2) A violation of a rule adopted or order issued under this section with respect to the business of securities and investment advice shall constitute a violation of 9 V.S.A. § 5412(d)(13), and the Commissioner may enforce such violations pursuant to the Commissioner’s authority conferred by the Vermont Uniform Securities Act, 9 V.S.A. chapter 150, and pursuant to any other authority conferred upon the Commissioner.
(e) The Commissioner, in addition to other powers conferred on the Commissioner by law, may increase the amount of an administrative penalty by not more than $5,000.00 per violation for violations involving a person who is a vulnerable adult as defined in 33 V.S.A. § 6902(14). (Added 2009, No. 53, § 3; amended 2017, No. 80, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 3 - The Commissioner › § 80. Insurance Regulatory and Supervision Fund

§ 80. Insurance Regulatory and Supervision Fund
(a) There is hereby created a fund to be known as the Insurance Regulatory and Supervision Fund for the purpose of providing the financial means for the Commissioner of Financial Regulation to administer Parts 3 and 6, except chapter 133 of this title, and except as provided under subsection 6017(a) of this title. All fees and assessments received by the Department pursuant to such administration shall be credited to this Fund. All fines and administrative penalties, however, shall be deposited directly into the General Fund.
(b) All payments from the Insurance Regulatory and Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management, after receipt of proper documentation regarding services rendered and expenses incurred.
(c) Annually, $30,000.00 shall be transferred from the Fund to the Fire Service Training Council Special Fund established in 20 V.S.A. § 3157.
(d) At the end of each fiscal year, the balance in the Insurance Regulatory and Supervision Fund shall be transferred to the General Fund.
(e) The Commissioner of Finance and Management may anticipate receipts to the Insurance Regulatory and Supervision Fund and issue warrants based thereon. (Added 1985, No. 242 (Adj. Sess.), § 310; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 1999, No. 49, § 216; 1999, No. 87 (Adj. Sess.), § 4; 2003, No. 80 (Adj. Sess.), § 75, eff. March 8, 2004; 2005, No. 71, § 268; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 65 - Development Credit Corporations › § 1801. Purposes

§ 1801. Purposes
The expression “development credit corporation” hereinafter called the corporation, as used in this chapter shall mean a corporation, incorporated under the general laws of the State, the purposes of which shall be:
(1) to provide financial assistance to industrial, agricultural, recreational, or other enterprises potentially valuable to the State or its citizens, when and to the extent which, such financing shall lie beyond the prescribed limits of laws governing banks of deposit;
(2) to assist by research and counsel such enterprises;
(3) to conduct ex parte inquiries into ways and means of improving, promoting, or increasing the general welfare of the State, its political subdivisions, and its citizens by financial aid, counsel, or otherwise; and
(4) to dedicate its energies to the discovery of ways and means of returning to maximum productivity any and all presently nonproducing assets in the State, for the dual purpose of increasing the welfare of the owner and of augmenting the taxable potential of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1999, No. 153 (Adj. Sess.), § 3, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 65 - Development Credit Corporations › § 1802. General and specific power

§ 1802. General and specific power
A development credit corporation shall have such general and specific rights and powers, within the limitations of its charter, as are enjoyed by other Vermont corporations, and, in addition, such rights and powers as are granted hereafter. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 65 - Development Credit Corporations › § 1803. Determination of public good

§ 1803. Determination of public good
Prior to the granting of a charter to a development credit corporation, the Commissioner shall find that such grant shall promote the general good of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2003, No. 105 (Adj. Sess.), § 9.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 65 - Development Credit Corporations › § 1804. Tax exempt status

§ 1804. Tax exempt status
Being an institution of public welfare created primarily to increment, augment, and increase sources of taxation within the State, and, in order to induce continuing public support to the corporation, earnings of the corporation shall be exempt from State income taxes, and the holder or holders of any security issued by the corporation shall, in like manner, be exempt from payment of income taxes on dividends or interest paid thereon. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2100. Application of chapter

§ 2100. Application of chapter
(a) Except as otherwise provided in this part, this chapter applies to a person doing or soliciting business in this State as described in this part.
(b) This chapter does not apply to:
(1) development credit corporations subject to chapter 65 of this title; or
(2) independent trust companies subject to chapter 77 of this title. (Added 2019, No. 20, § 2; amended 2019, No. 103 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2104. Request for reconsideration; review of denial of application

§ 2104. Request for reconsideration; review of denial of application
(a)(1) If the Commissioner denies an application, not later than 15 days after the date of denial the applicant may request that the Commissioner reconsider the application.
(2) The applicant shall submit his or her request in writing and shall respond specifically to the Commissioner’s stated reason or reasons for denial.
(b)(1) The Commissioner shall reconsider the application in light of the applicant’s request and response and issue a decision not later than 60 days after the date of the request.
(2) If the Commissioner finds that the applicant meets the requirements of subsection 2103(a) of this title, he or she shall issue a license.
(3) If the Commissioner finds that the applicant does not meet the requirements of subsection 2103(a) of this title, the Commissioner shall not issue a license and shall:
(A) return to the applicant the bond, if any, and any amounts paid for the applicable license fee; and
(B) retain the investigation fee to cover the costs of investigating the application.
(c) The applicant may appeal the Commissioner’s decision by filing an action in the civil division of the Washington County Superior Court not later than 15 days after the date the Commissioner denied the request for reconsideration. (Added 2019, No. 20, § 2; amended 2019, No. 103 (Adj. Sess.), § 8.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2105. Contents of license; nontransferable

§ 2105. Contents of license; nontransferable
(a) A license shall state the address at which a licensee will conduct its business, shall state fully the name of the licensee, and, if the licensee is not an individual, shall state the date and place of its organization or incorporation.
(b) A mortgage loan originator license shall state fully the name of the individual, his or her sponsoring company, and the licensed location to which he or she is assigned.
(c) A licensee shall not transfer or assign a license.
(d) The Commissioner, in his or her discretion, may issue a license through the NMLS. (Added 2019, No. 20, § 2; amended 2021, No. 25, § 6, eff. May 12, 2021.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2106. Additional place of business; change of place of business

§ 2106. Additional place of business; change of place of business
(a)(1) A license is required for each place of business.
(2) Except as otherwise provided in this title, the Commissioner may issue more than one license to the same licensee for additional places of business if the licensee meets the requirements for each place of business.
(b)(1) A licensee shall provide written notice to the Commissioner and fee of $100.00 not less than 30 days before changing or closing a place of business.
(2) Upon receiving the notice and fee, the Commissioner shall record the change of location and the date, and the licensee may operate at the new location. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2107. Change of control

§ 2107. Change of control
(a) A licensee shall give the Commissioner notice of a proposed change of control within 30 days of the proposed change and request approval of the acquisition. A money transmitter licensee shall also submit with the notice a nonrefundable fee of $500.00.
(b) After review of a request for approval under subsection (a) of this section, the Commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information shall be limited to the same categories of information required of the licensee or persons in control of the licensee as part of its original license or renewal application.
(c) The Commissioner shall approve a request for change of control under subsection (a) of this section if, after investigation, the Commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner, and that the interests of the public will not be jeopardized by the change of control.
(d) The Commissioner shall approve or deny a request for change of control not later than 60 days after a complete request is filed and notify the licensee of the decision in a record. The Commissioner for good cause may extend the review period.
(e) The following persons are exempt from the prefiling requirements of subsection (a) of this section, but the licensee shall notify the Commissioner of the change of control and request the Commissioner’s approval using the standards in subsection (b) of this section for a change of control:
(1) a person that acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;
(2) a person that acquires control of a licensee by devise or descent;
(3) a person that acquires control as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; and
(4) a person that the Commissioner, by rule or order, exempts in the public interest.
(f) Subsection (a) of this section does not apply to public offerings of securities.
(g) Before filing a request for approval to acquire control, a person may request in a record a determination from the Commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the Commissioner determines that the person would not be a person in control of a licensee, the Commissioner shall enter an order to that effect, and the proposed person and transaction is not subject to the requirements of subsections (a) through (c) of this section. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2108. Notification of material change

§ 2108. Notification of material change
(a) A licensee shall notify the Commissioner in writing within 30 days of any material change in the information provided in a licensee’s application.
(b) A licensee shall notify the Commissioner in writing within 30 days of any change in the list of executive officers, managers, directors, or responsible individuals.
(c) A licensee shall file a report with the Commissioner within 15 business days after the licensee has reason to know of the occurrence of any of the following events involving the licensee, or any executive officer, manager, director, person in control, responsible individual, or equivalent of the licensee:
(1) the filing of a petition by or against the licensee or such person under the U.S. Bankruptcy Code for bankruptcy or reorganization;
(2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;
(3) the commencement of a disciplinary proceeding or a license denial against the licensee or such person in a state or country in which the licensee engages in business or is licensed, including any action by the Attorney General of any state;
(4) the cancellation or other impairment of the licensee’s bond or other security;
(5) a charge or conviction against the licensee or such person for a felony;
(6) a charge against or conviction of an authorized delegate for a felony;
(7) receiving notification of the initiation of a class action lawsuit against the licensee; or
(8) any change in the organizational structure of the licensee or any parent company of the licensee. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2111. Revocation, suspension, termination, or nonrenewal where more than one place of business

§ 2111. Revocation, suspension, termination, or nonrenewal where more than one place of business
The Commissioner may revoke, suspend, terminate, or refuse to renew only the license for a particular place of business at which grounds for revocation, suspension, termination, or refusal to renew may occur or exist, or if the Commissioner finds that such grounds for revocation, suspension, termination, or refusal to renew are of general application to all licensed places of business, or to more than one licensed place of business, operated by such licensee, the Commissioner shall revoke, suspend, terminate, or refuse to renew all of the licenses issued to the licensee or such licenses as such grounds apply to, as the case may be. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2112. Surrender of license; no effect on liability; reinstatement

§ 2112. Surrender of license; no effect on liability; reinstatement
(a) A licensee may surrender a license by delivering to the Commissioner notice that the licensee surrenders the license.
(b) Surrender shall not affect the licensee’s administrative, civil, or criminal liability for acts committed prior to surrender. A revocation, suspension, termination, refusal to renew, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract.
(c) The Commissioner may reinstate a revoked, suspended, terminated, expired, inactive, or nonrenewed license or issue a new license to a licensee whose license was revoked, suspended, terminated, expired, inactive, or nonrenewed if no fact or condition then exists that would have warranted the Commissioner to refuse to issue the license under this part; provided, however, that the Commissioner shall not issue a new license or reinstate a license to a mortgage loan originator whose license was revoked unless the revocation order is vacated. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2113. Appeal of final order

§ 2113. Appeal of final order
(a) The Commissioner shall serve his or her findings and order of suspension, termination, revocation, or to cease and desist in specified conduct on the licensee by mail at the licensee’s current address as stated on the license, which shall be presumptive evidence of its receipt by the licensee.
(b) The licensee may appeal the Commissioner’s decision by filing an action in the civil division of the Washington County Superior Court not later than 15 days after the date of service. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2115. Penalties

§ 2115. Penalties
(a) The Commissioner may:
(1) impose an administrative penalty of not more than $10,000.00, plus the State’s cost and expenses of investigating and prosecution of the matter, including attorney’s fees, for each violation upon any person who violates or participates in the violation of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any lawful rule adopted, or directive or order issued, pursuant to those sections; and
(2) order any person to make restitution to another person for a violation of this part, chapter 200 of this title, or 9 V.S.A. chapter 4, 59, or 61.
(b) Each violation, or failure to comply with any directive or order of the Commissioner, is a separate and distinct violation.
(c) It shall be a criminal offense, punishable by a fine of not more than $100,000.00, or not more than a year in prison, or both, for any person, after receiving an order that directs the person to cease exercising the duties and powers of a licensee and imposes an administrative penalty under this part, to perform the duties or exercise the powers of a licensee until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the order is vacated by the Commissioner or by a court of competent jurisdiction.
(d)(1) A loan contract made in knowing and willful violation of subdivision 2201(a)(1) of this title is void, and the lender shall not collect or receive any principal, interest, or charges; provided, however, in the case of a loan made in violation of subdivision 2201(a)(1) of this title, where the Commissioner does not find a knowing and willful violation, the lender shall not collect or receive any interest or charges, but may collect and receive principal.
(2) If a person who receives an order that directs the person to cease exercising the duties and powers of a licensee and imposes an administrative penalty under this part continues to perform the duties or exercise the powers of a licensee without satisfying the penalty, or otherwise reaching a satisfactory resolution between the parties, or securing a decision vacating the order by the Commissioner or by a court of competent jurisdiction, a loan contract made by the person after receipt of such order is void and the lender shall not collect or receive any principal, interest, or charges.
(e) The powers vested in the Commissioner in this part are in addition to any other powers to enforce penalties, fines, or forfeitures authorized by law. (Added 2019, No. 20, § 2; amended 2019, No. 103 (Adj. Sess.), § 9.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2118. Joint examinations

§ 2118. Joint examinations
(a)(1) The Commissioner may conduct an on-site examination in conjunction with representatives of other state agencies or agencies of another state or of the federal government.
(2) Instead of an examination, the Commissioner may accept the examination report of an agency of this State or of another state or of the federal government or a report prepared by an independent certified public accountant.
(b)(1) A joint examination or an acceptance of an examination report does not preclude the Commissioner from conducting an examination as provided by law.
(2) A joint report or a report accepted under this subsection is an official report of the Commissioner for all purposes. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2119. Records required of licensee

§ 2119. Records required of licensee
(a)(1) A licensee shall keep, use in the licensee’s business, and make available to the Commissioner upon request, the books, accounts, records, and data compilations as will enable the Commissioner to determine whether the licensee is complying with the provisions of this part and with the rules adopted by the Commissioner.
(2) A licensee shall preserve the books, accounts, records, and data compilations in a secure manner for not less than seven years after making the final entry on any loan recorded therein.
(3) After the seven-year retention period, the licensee shall dispose of the books, accounts, records, and data compilations in accordance with 9 V.S.A. § 2445.
(b) A licensee may maintain records in any form permitted in subsection 11301(c) of this title. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2120. Annual report; call reports

§ 2120. Annual report; call reports
(a)(1) In addition to any specific information required by the applicable chapter, annually, on or before April 1, a licensee shall file a report with the Commissioner to provide the information the Commissioner reasonably requires concerning the business and operations conducted in this State during the preceding calendar year.
(2) The licensee shall submit the report under oath and in the form the Commissioner requires.
(3) For good cause, the Commissioner may extend the due date for the annual report required by this subsection.
(4) If a licensee does not file its annual report on or before April 1, or within any extension of time granted by the Commissioner, the licensee shall pay to the Department $1,000.00 for each month or part of a month that the report is past due, beginning on the date that is five business days after April 1 or the last date of such extension, as applicable.
(b)(1) Annually, not later than 90 days after the end of its fiscal year, a licensee shall file financial statements with the Commissioner in a form and substance acceptable to the Commissioner, which financial statements shall include a balance sheet and income statement.
(2) This subsection does not apply to a lender making only commercial loans.
(c) A licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition in a form and including the information the Nationwide Multistate Licensing System and Registry requires, if applicable.
(d) The Commissioner may require more frequent reports from any licensee. (Added 2019, No. 20, § 2; amended 2019, No. 103 (Adj. Sess.), § 10; 2021, No. 25, § 4, eff. May 12, 2021.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2121. Deceptive advertising

§ 2121. Deceptive advertising
(a) A person subject to this part shall not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, a statement or representation that is false, misleading, or deceptive.
(b) The Commissioner may order a person to cease conduct that violates this section. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2122. Use of other names or business places

§ 2122. Use of other names or business places
(a) A licensee shall not conduct business or make a loan subject to regulation under this part under any other name or at any other place of business than as specified in its license.
(b) Mortgage loan originators and employees of licensees may work remotely through a licensed location without being physically present at such location, provided the mortgage loan originator or employee is assigned to a licensed location, is adequately supervised by the licensee, and the licensee and the mortgage loan originator or employee meet such additional conditions as the Commissioner may require.
(c) This section does not apply to a commercial loan made to a borrower located outside Vermont for use outside Vermont. (Added 2019, No. 20, § 2; amended 2021, No. 25, § 7, eff. May 12, 2021.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2125. Report to Nationwide Multistate Licensing System and Registry

§ 2125. Report to Nationwide Multistate Licensing System and Registry
(a) Subject to State privacy and confidentiality laws, and subject to section 2126 of this title, the Commissioner shall report regularly violations of this part, enforcement actions, and other relevant information to the Nationwide Multistate Licensing System and Registry.
(b) A licensee may challenge information the Commissioner reports to the Nationwide Multistate Licensing System and Registry in accordance with 3 V.S.A. chapter 25 and any rules adopted by the Commissioner on hearing procedures. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 72 - General Provisions › § 2126. Confidentiality

§ 2126. Confidentiality
In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1)(A) The privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law with respect to such information or material, including the rules of any federal or state court, shall continue to apply to the information or material after the information or material is disclosed to the Nationwide Multistate Licensing System and Registry.
(B) The Commissioner may share the information and material with state and federal regulatory officials who have oversight authority without affecting the privilege or confidentiality protections provided by federal law or state law.
(2) The Commissioner may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, State Regulatory Registry LLC, or other associations representing governmental agencies.
(3) Information or material that is subject to privilege or confidentiality under subdivision (1) of this section is not subject to:
(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(B) subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to a privilege held by the Nationwide Multistate Licensing System and Registry, the person to whom such information or material pertains waives the privilege.
(4) This section does not apply to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that are included in the Nationwide Multistate Licensing System and Registry for access by the public. (Added 2019, No. 20, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies › § 2202a. Application for commercial lender license

§ 2202a. Application for commercial lender license
(a) Application for a license for a lender making solely commercial loans shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the name and address of the residence and the place of business of the applicant and, if the applicant is a partnership or association, of every member thereof, and, if a corporation, of each officer, director, and control person thereof; the county and municipality with street and number, if any, where the business is to be conducted; and such further information as the Commissioner may require.
(b) At the time of making application, the applicant shall pay to the Commissioner an initial licensing fee and an application and investigation fee pursuant to subdivision 2102(b)(2) of this title.
(c) In connection with an application for a commercial lender license, the applicant and each officer, director, and control person of the applicant shall furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant’s identity and the identity of each of the applicant’s officers, directors, and control persons, including:
(1) fingerprints for submission to the Federal Bureau of Investigation and for any other governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check;
(2) personal history and experience in a form prescribed by the NMLS, including the submission of authorization for the NMLS and the Commissioner to obtain information related to any administrative, civil, or criminal findings by any governmental jurisdiction; and
(3) any other information required by the NMLS or the Commissioner. (Added 2009, No. 134 (Adj. Sess.), § 24c; amended 2019, No. 20, § 6.)