Sections
Subchapter 1 Applicability of Chapter; Approval 17101
Subchapter 2 Mergers and Consolidations; Investor-Owned Institutions 17201 – 17202
Subchapter 3 Mergers and Consolidations; Mutual or Cooperative Financial Institutions 17301
Subchapter 4 Mergers and Consolidations; Investor-Owned and Mutual Financial Institutions 17401
Subchapter 5 Acquisition of Assets; Assumption of Liabilities 17501 – 17502
Subchapter 6 Change in Control 17601

Terms Used In Vermont Statutes > Title 8 > Chapter 207

  • Adjuster: means any person who investigates claims and negotiates settlement of claims arising under policies of insurance in behalf of insurers under such policies, or who advertises or solicits business from insurers as an adjuster. See
  • Adopting authority: means , for agencies that are attached to the Agencies of Administration, of Commerce and Community Development, of Natural Resources, of Human Services, and of Transportation, or any of their components, the secretaries of those agencies; for agencies attached to other departments or any of their components, the commissioners of those departments; and for other agencies, the chief officer of the agency. See
  • Advisory or service organization: means any person or organization which assists insurers as authorized by section 4690 of this title, but such an organization shall not include joint underwriting organizations, actuarial or legal consultants, a single insurer, any employees of an insurer, or insurers under common control or management or their employees or managers. See
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agency: means a State board, commission, department, agency, or other entity or officer of State government, other than the Legislature, the courts, the Commander in Chief, and the Military Department, authorized by law to make rules or to determine contested cases. See
  • Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. See
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appraiser: means any person who, for compensation, appraises the loss or damage under policies of automobile insurance on the behalf of the insurers under such policies. See
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arbitrary: when applied to an agency rule or action, means that one or more of the following apply:

  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • biennially: shall mean the year in which a regular session of the General Assembly is held. See
  • Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
  • Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See
  • Business entity limited lines producer: means a business entity, as defined in subdivision (8) of this section, that is also a limited lines producer, as defined in subdivision (7) of this section. See
  • Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
  • Collective bargaining service fee: means a fee deducted by an employer from the salary or wages of an employee who is not a member of an employee organization, and that fee is paid to the employee organization that is the exclusive bargaining agent for the bargaining unit of the employee. See
  • Commercial risk insurance: means insurance within the scope of this chapter which is not:

  • Commissioner: means the Commissioner of Financial Regulation. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Committee on committees: Committees formed in each party conference and responsible for nominating the party's Senators to committee membership and committee leadership positions. Nominations are subject to approval by the full party conference and to a formal vote of the Senate.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Complaint: means an informal expression made by the employees or a group of employees to the immediate supervisor about dissatisfaction with any aspect of employment or working conditions under a collective bargaining agreement. See
  • Consultant: means an individual, resident, or nonresident who, for a fee, holds himself or herself out to the public as engaged in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in this State. See
  • Contested case: means a proceeding, including but not restricted to rate-making and licensing, in which the legal rights, duties, or privileges of a party are required by law to be determined by an agency after an opportunity for hearing. See
  • Continuing care: means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. See
  • Continuing care contract: means a contract under which a provider is to furnish continuing care to a specified individual in return for payment of an entrance fee which is in addition to, or in lieu of, the payment of regular periodic charges for the care and services involved. See
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a licensee, whether through the ownership of voting securities, by contract, or otherwise. See
  • Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See
  • Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a producer. See
  • Controlling producer: means a producer who, directly or indirectly, controls an insurer. See
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
  • Creditable service: shall mean service for which credit is allowed under section 458 of this title, plus service transferred under section 495 of this title. See
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Debt adjustment: means making an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor's creditors in full or partial payment of obligations of the debtor and includes services as an intermediary between a debtor and one or more of the debtor's creditors for the purpose of obtaining concessions. See
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Financial Regulation. See
  • Dependent: A person dependent for support upon another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • 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
  • Employee: shall mean any regular officer or employee who is employed for not less than 40 calendar weeks in a year, other than a person engaged under retainer or special agreement. See
  • Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
  • Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
  • Employer: shall mean any political subdivision of the State of Vermont and the Vermont National Guard as to employees thereof hired under 32 U. See
  • Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
  • Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property, or portion thereof, made or promised to be made as consideration for acceptance of a specified individual as a resident in a facility. See
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Facility: means a place or places in which a resident receives continuing care. See
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Governing board: shall mean the governing body, by whatever name known, of such employer. See
  • Grievance: means a written notice from an employee or a group of employees covered by an agreement or the employee's representative about dissatisfaction with any aspect of employment or working conditions covered by a collective bargaining agreement or about the discriminatory application of a rule or regulation, and the dissatisfaction has not been satisfactorily resolved after informal discussion with immediate supervisors. See
  • Group A members: shall mean employees classified under subdivision (A) of subdivision (9) of this subsection. See
  • Guidance document: means a written record that has not been adopted in accordance with sections 836-844 of this title and that is issued by an agency to assist the public by providing an agency's current approach to or interpretation of law or describing how and when an agency will exercise discretionary functions. See
  • Home state: means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer. See
  • Incorporation by reference: means the use of language in the text of a regulation that expressly refers to a document other than the regulation itself. See
  • Index: means a searchable list of entries that contains subjects and titles with page numbers, hyperlinks, or other connections that link each entry to the text or document to which it refers. See
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Individual: means a natural person. See
  • insurance: means an agreement to indemnify or otherwise assume an obligation, provide services or any other thing of value on the happening of a particular event or contingency, or to provide indemnity for loss with respect to a specified subject by specified circumstances in return for a consideration. See
  • Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
  • Insurer: means any person engaged in the business of insurance in this State. See
  • insurer: means any person, firm, association, or corporation duly licensed to transact an insurance business in this State. See
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • License: includes the whole or part of any agency permit, certificate, approval, registration, charter, or similar form of permission required by law. See
  • License: means a document issued by the Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Limited lines insurance: means travel accident or travel baggage insurance, or any other line of insurance that the Commissioner deems necessary to recognize for the purposes of complying with subsection 4813h(d) of this subchapter, or any other line of insurance the Commissioner, by regulation, shall deem essential for the transaction of business in this State and which does not require the professional competency demanded for an insurance producer's license. See
  • Limited lines producer: means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter. See
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Loan: means a residential mortgage loan. See
  • Local retirement fund: shall mean any retirement, pension, or benefit fund partially or wholly maintained at the expense of an employer. See
  • Managing general agent: means any person who:

  • Material litigation: means any litigation that according to generally accepted accounting principles is deemed significant to an applicant's or a licensee's financial health, and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records. See
  • Member: shall mean any employee included in the membership of the Retirement System under section 457 of this title. See
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
  • National Guard employees: shall mean employees of the Vermont National Guard hired under 32 U. See
  • Nationwide Mortgage Licensing System and Registry: means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensees under this chapter, or any successor to the Nationwide Mortgage Licensing System and Registry, or any alternative or replacement licensing system as designated by the Commissioner. See
  • Nationwide Mortgage Licensing System and Registry: means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or any successor to the Nationwide Mortgage Licensing System and Registry. See
  • Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Oath: shall include affirmation where by law an affirmation may be substituted. See
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Occupancy date: means the date a living unit is available for occupancy by the resident or the date on which the resident personally occupies the living unit, whichever occurs first. See
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Party: means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party. See
  • Person: means any individual, partnership, corporation, association, governmental subdivision, or public or private organization of any character other than an agency. See
  • Person: means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation. See
  • Person: means an individual, the State of Vermont, an employee organization, partnership, corporation, a legal representative, trustee, or any other natural or legal entity whatsoever. See
  • Person: means an individual or a business entity. See
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Practice: means a substantive or procedural requirement of an agency, affecting one or more persons who are not employees of the agency, that is used by the agency in the discharge of its powers and duties. See
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Procedure: means a practice that has been adopted in writing, either at the election of the agency or as the result of a request under subsection 831(b) of this title. See
  • Producer: means an agent, broker, or reinsurance intermediary licensed pursuant to subchapter 1 of this chapter. See
  • Provider: means the person who enters into a contract to provide continuing care to a resident. See
  • Public adjuster: means any person who investigates claims and negotiates settlement of claims arising under policies of insurance in behalf of the insured under such policies or who advertises or solicits business as such adjuster. See
  • Quorum: The number of legislators that must be present to do business.
  • Rate: means the cost of insurance per exposure base unit, or cost per unit of insurance, prior to the application of individual risk variations based upon loss or expense considerations, and does not include minimum premiums. See
  • Rate: means the cost of services and insurance per exposure base unit, or cost per unit of insurance, or charge to residents for services rendered, prior to the application of individual risk variations based upon loss or expense considerations. See
  • real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section. See
  • Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See
  • Reinsurance intermediary-manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See
  • Reinsurer: means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
  • Resident: means the individual designated in a continuing care contract as the one who is to receive continuing care. See
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retirement Board: shall mean the Retirement Board of the State Retirement System. See
  • Rule: means each agency statement of general applicability that implements, interprets, or prescribes law or policy and that has been adopted in the manner provided by sections 836-844 of this title. See
  • said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
  • Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See
  • Service: shall mean service as an employee for which compensation is paid by the State. See
  • Service of process: The service of writs or summonses to the appropriate party.
  • Servicing: means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract. See
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
  • Small business: means a business employing no more than 20 full-time employees. See
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus lines insurance broker: means an individual who solicits, negotiates, or procures a policy of insurance in an insurance company not licensed to transact business in this State which cannot be procured from insurers licensed to do business in this State. See
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Third party loan servicer: means a person who engages in the business of servicing a loan, directly or indirectly, owed or due or asserted to be owed or due another. See
  • Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Underwrite: means the authority to accept or reject risk on behalf of the insurer. See
  • Uniform Application: means the current version of the NAIC Uniform Application for resident and nonresident producer licensing. See
  • Uniform Business Entity Application: means the current version of the NAIC Uniform Business Entity Application for resident and nonresident business entities. See