Vermont § 2755 - Bond required

§ 2755. Bond required

• (a) Each applicant shall submit to the Commissioner, with the application for a license,
  a bond, in such form as the Commissioner shall direct, in the amount of $50,000.00,
  or such greater amount as the Commissioner may determine is required by the business
  circumstances of the applicant. (b) The bond shall be in a form and in accordance with such terms and conditions satisfactory
  to the Commissioner and payable to the State for use of the State and for the benefit
  of any claimant against the licensee to secure the faithful performance of the obligations
  of the licensee. (c) The Commissioner may require a larger bond if he or she determines, in his or her
  sole discretion, that a licensee has engaged in a pattern of conduct resulting in
  bona fide consumer complaints of misconduct and that such increased bond is necessary
  for the protection of consumers; or the Commissioner may increase or decrease the
  amount of such bond based upon the applicant’s or licensee’s financial condition,
  business plan, number of locations, and the actual or estimated aggregate amount of
  payments and fees paid by debtors under the debt adjustment contracts. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3.)