2005 Vermont Code - § 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 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 chapter 25 of Title 3, the Administrative Procedure Act of this state. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the commissioner may subject such company to a penalty of not more than $200.00 for each offense when in his judgment he 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 he revokes, suspends or refuses to renew the license of any insurance premium finance company, or he 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 chapter 25 of Title 3, the Administrative Procedure Act of this state. (Added 1983, No. 77, § 1.)