2017 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 83 - Debt Adjusters
§ 2756 Qualification of applicant
§ 2756. Qualification of applicant
(a) The Commissioner shall issue a license to the applicant upon the filing of the application and the payment of the fees, if the Commissioner finds upon investigation that all of the following conditions have been fulfilled:
(1) The financial responsibility, experience, character, and general fitness of the applicant and of the members, officers, directors, and persons in control of the applicant command the confidence of the community and warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter.
(2)(A) Neither the applicant nor any of such members, officers, directors, or persons in control of the applicant have been convicted of a felony or have had a record of having defaulted in the payment of money collected for others, including the discharge of such debts through bankruptcy proceedings.
(B) For purposes of assessing whether a person is financially responsible under this subdivision, the Commissioner may consider how the person has managed his or her own financial condition. A determination that a person has not shown financial responsibility may include the following:
(i) current outstanding judgments, except judgments solely as a result of medical expenses;
(ii) current outstanding tax liens or other government liens and filings;
(iii) foreclosures within the past three years; or
(iv) a pattern of seriously delinquent accounts within the past three years.
(3) The applicant has paid the requisite application and license fees.
(b) If the Commissioner does not so find, the Commissioner shall notify the applicant of the denial and return the license fee, retaining the $250.00 investigation fee to cover the costs of investigating the application. The Commissioner may require as part of the application a credit report and such other information as the Commissioner may deem necessary.
(c) The Commissioner may issue an electronic license. The license shall not be transferable or assignable. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3; 2013, No. 29, § 14; 2017, No. 22, § 9, eff. May 4, 2017.)
