The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
(Cite as: 21 V.S.A. § 1035)
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§ 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.)