The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 072 : General Provisions
(Cite as: 8 V.S.A. § 2108)-
§ 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 adding or replacing any key individual shall:
(1) notify the Commissioner in writing within 15 days after the effective date of the key individual’s appointment; and
(2) provide the information required in subsection 2102(c) of this chapter within 45 days after the effective date of the key individual’s appointment.
(c) The Commissioner may issue a notice of disapproval of a key individual if the Commissioner finds that the financial condition and responsibility, financial and business experience, competence, character, or general fitness of the key individual indicates that it is not in the public interest to permit the individual to provide services in this State.
(d) 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, key individual, or person in control, 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; amended 2023, No. 110 (Adj. Sess.), § 33, eff. July 1, 2024.)
