Vermont Statutes Annotated

Vt. Stat. Ann. tit. 08, § 7002 (2026)

License required

✓ current as of May 2026

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(Cite as: 8 V.S.A. § 7002)

§ 7002. License required

(a) No person shall engage in the business of an insurance premium finance company in the State without first having obtained a license as an insurance premium finance company from the Commissioner.

(b) The annual license fee shall be $200.00. Licenses may be renewed from year to year as of July 1 of each year upon payment of the fee of $200.00. The license fee shall be paid to the Commissioner.

(c) The Commissioner shall have authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers, and employees and he or she may, in his or her discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if he or she is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant’s conduct meets the standards of this chapter.

(d) This section shall not apply to any building or savings and loan association, bank, trust company, licensed lender, or credit union authorized to do business in this State, nor to an insurance company or to an insurance agent or insurance broker licensed to do business in this State financing premiums on policies written by such agent or broker; provided, however, that all other provisions of this chapter shall apply to the financing of insurance premiums. (Added 1983, No. 77, § 1.)

Notes of Decisions

Cited in 2 cases, 1986–1988 · leading case: Vermont Dev. Credit Corp. v. Kitchel, 544 A.2d 1165 (Vt. 1988).

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Vermont Dev. Credit Corp. v. Kitchel, 544 A.2d 1165 (Vt. 1988). “§ 2352 and § 2402, and insurance premium finance companies are subject to the licensing requirements of both § 2201 and 8 V.S.A. § 7002. 4 We do not mean to suggest in any way that the terms of the loan in question herein were unfair or unconscionable, but, rather, that it is…”

Burke Mountain Rec., Inc. v. Vermont Dev. Credit Corp. (In Re Burke Mountain Rec., Inc.), 64 B.R. 799 (Bankr. D. Vt. 1986). “§§ 2352 and 2402 and 8 V.S.A. § 7002 respectively. 4 . VDCC's Articles of Association list seven categories of activity among its purposes: (1) to provide financial assistance; (2) to assist by research and counsel; (3) to conduct ex parte inquiry; (4) to discover ways and means…”

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