Vermont Statutes Title 8 Sec. 7011
Terms Used In Vermont Statutes Title 8 Sec. 7011
- Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter. See
- Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. See
§ 7011. Penalties for violations
Any insurance premium finance company that willfully and knowingly violates the provisions of any section of this chapter shall be fined not more than $2,000.00 for each offense or imprisoned not more than five years, or both. Any insurance premium finance agreement, not invalid for any other reason, in the making or collection of which any act shall have been done that constitutes an offense under this section shall be void and the insurance premium finance company shall have no right to collect or receive any principal, interest, or charges whatsoever. Any insurance premium finance company that violates the provisions of this chapter shall be liable to pay an administrative penalty of not more than $2,000.00 for each such offense. (Added 1983, No. 77, § 1; amended 1995, No. 167 (Adj. Sess.), § 24.)