2005 Vermont Code - § 3828. — License revocation

§ 3828. License revocation

(a) The commissioner shall suspend, revoke or refuse to issue or renew the license of any viatical settlement provider or viatical settlement broker if the commissioner finds that:

(1) There was any misrepresentation in the application for the license.

(2) The holder of the license has engaged in fraudulent or dishonest practices, is subject to a final administrative action in any state or is otherwise shown to be untrustworthy or incompetent to act as a viatical settlement provider.

(3) The licensee demonstrates a pattern of unreasonable payments to policyholders.

(4) The licensee has been convicted of a misdemeanor involving moral turpitude or has been convicted of a felony.

(5) The licensee has violated any of the provisions of this title.

(b) Before the commissioner shall suspend, revoke or refuse to issue or renew the license of a viatical settlement provider, the licensee shall be entitled to notice and an opportunity to be heard in accordance with chapter 25 of Title 3. (Added 1993, No. 235 (Adj. Sess.), § 4.)