2011 Vermont Code
Title 08 Banking and Insurance
Chapter 85 LOAN SERVICERS
§ 2909 Notice of change of condition
§ 2909. Notice of change of condition
A licensee shall notify the commissioner immediately in writing within three business days of the occurrence of any of the following significant developments:
(1) Filing for bankruptcy or reorganization of the licensee or any partner, member, officer, director, control person, principal employee, or equivalent.
(2) Filing of a criminal indictment related in any way to the activities of the licensee or related to any partner, member, officer, director, control person, principal employee, or equivalent.
(3) Receiving notification of a license denial, cease and desist order, suspension, or revocation procedure or other formal or informal regulatory action in any state against the licensee, and including the reasons for such action.
(4) Receiving notification of the initiation of any action by the attorney general of this state or any other state, including the reason for such action.
(5) Receiving notification of the initiation of a class action lawsuit on behalf of consumers against the licensee that is related to the operation of the licensed business.
(6) Any partner, member, officer, director, control person, principal employee, or equivalent being convicted of a crime. (Added 2009, No. 96 (Adj. Sess.), { 1, eff. Jan. 1, 2011.)
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