Vermont Statutes Title 27 Sec. 1569
Terms Used In Vermont Statutes Title 27 Sec. 1569
- Administrator: means the Vermont State Treasurer. See
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See
- Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See
§ 1569. Administrator‘s contract with another to conduct examination
(a) As used in this section, “related to the Administrator” refers to an individual who is:
(1) the Administrator’s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary;
(2) the Administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, halfsibling, aunt, uncle, niece, or nephew;
(3) a spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual under subdivision (2) of this subsection; or
(4) any individual residing in the Administrator’s household.
(b) The Administrator may contract with a person to conduct an examination under this subchapter. The contract may be awarded only under contracting policies and standards approved by the Vermont Secretary of Administration.
(c) If the person with which the Administrator contracts under subsection (b) of this section is:
(1) an individual, the individual may not be related to the Administrator; or
(2) a business entity, the entity may not be owned in whole or in part by the Administrator or an individual related to the Administrator.
(d) At least 60 days before assigning a person under contract with the Administrator under subsection (b) of this section to conduct an examination, the Administrator shall demand in a record that the person to be examined submit a report and deliver property that is previously unreported.
(e) If the Administrator contracts with a person under subsection (b) of this section:
(1) the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(2) a contingent fee arrangement may not provide for a payment that exceeds 10 percent of the amount or value of property paid or delivered as a result of the examination; and
(3) on request by a person subject to examination by a contractor, the Administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)