The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
Title 8 : Banking and Insurance
Chapter 074 : Consumer Litigation Funding Companies
(Cite as: 8 V.S.A. § 2252)-
§ 2252. Registration; financial stability
(a) A company shall not engage in the business of consumer litigation funding without first filing a registration with the Commissioner on a form prescribed by the Commissioner and submitting a registration fee and proof of financial stability.
(b) A company shall file with the Commissioner evidence of its financial stability which shall include proof of a surety bond or irrevocable letter of credit issued and confirmed by a financial institution authorized by law to transact business in Vermont that is equal to double the amount of the company’s largest funded amount in Vermont in the prior three calendar years or $50,000.00, whichever is greater. (Added 2015, No. 128 (Adj. Sess.), § A.1; amended 2017, No. 22, § 1, eff. May 4, 2017; 2019, No. 20, § 34.)
