Vermont § 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 Vermont Administrative Procedure Act. In
  lieu of revoking or suspending the license for any of the causes enumerated in this
  section, after hearing as provided in this section, the Commissioner may subject such
  company to a penalty of not more than $200.00 for each offense when in the Commissioner’s
  judgment the Commissioner 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 the Commissioner revokes, suspends, or refuses to renew the license
  of any insurance premium finance company, or the Commissioner 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 Vermont Administrative Procedure
  Act. (Added 1983, No. 77, § 1; amended 2021, No. 105 (Adj. Sess.), § 247, eff. July 1, 2022.)