§ 7011 - Penalties for violations - Vermont Statutes

§ 7011. Penalties for violations

Any insurance premium finance company who 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 which 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 who 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.)