2016 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 74 - Consumer Litigation Funding Companies
§ 2252 Registration; fee, financial stability
§ 2252. Registration; fee, 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, as required by this section.
(b) A company shall submit a $600.00 fee at the time of registration and at the time of each renewal. Registrations shall be renewed every three years.
(c) 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.)
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