Vermont § 1035 - Financial responsibility
Full text of Vermont Vermont Statutes Online § 1035 — Financial responsibility, with citation guidance and answers to common questions.
§ 1035. Financial responsibility
- (a) Evidence of financial responsibility shall include an audited financial statement,
prepared in accordance with generally accepted accounting principles, that demonstrates
that the applicant has an adjusted net worth of at least $100,000.00 or five percent
of liabilities, whichever is greater. The statement shall have been prepared within
six months of the date of application by an independent certified public accountant
licensed in this State. (b) The Commissioner may audit a licensee’s financial condition if the Commissioner determines
that the licensee’s financial responsibility is in question. The Commissioner may
contract for the audit and charge the licensee a fee that shall not exceed the actual
cost of performing the audit. (c) Financial information submitted to the Commissioner by an applicant or licensee shall
be confidential and shall not be available for public inspection. Nothing in this
section shall be construed to restrict the Commissioner from sharing this information
with the Attorney General, the Department of Financial Regulation, the Department
of Labor, the Department of Taxes, the Secretary of State, or the U.S. Internal Revenue
Service. (Added 1995, No. 173 (Adj. Sess.), § 1; amended 1995, No. 180 (Adj. Sess.), § 38(a); 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006.)
Frequently Asked Questions About Vermont § 1035
What does Vermont Statutes Online § 1035 cover?
Section 1035 ("Financial responsibility") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1035?
A common citation format is "Vermont Statutes Online § 1035" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1035 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.