State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-133 > 4871
§ 4871. Examinations by commissioner
(a) The commissioner shall examine or cause to be examined, with or without notice, the condition and affairs of each licensee at least once every three years and otherwise as required or determined by the commissioner. The commissioner may accept reports of examinations prepared by another state or federal regulatory agency as substitutes if such reports are available to the commissioner and are determined to be adequate in exercising his or her powers and discharging his or her responsibilities under this chapter.
(b) For the purpose of discovering violations of this chapter, the commissioner and his or her duly designated representatives may at any time investigate the books, accounts, records, and files used therein of every licensee and of every person whom the commissioner believes to be in the business described in this chapter, whether such person shall act or claim to act as principal or agent, or under or without the authority of this chapter.
(c) In connection with any examination or investigation, the commissioner and his or her duly designated representatives shall have free access to the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all such persons. The commissioner and his or her designated representatives may examine on oath any licensee, and any director, officer, employee, customer, creditor, or stockholder of a licensee, concerning the affairs and business of the licensee. The commissioner shall ascertain whether the licensee transacts its business in the manner prescribed by law and the regulations issued hereunder. The commissioner may compel the attendance of any person or the production of any books, accounts, records, and files used therein; and may examine under oath all persons in attendance pursuant thereto.
(d) Each licensee and each person investigated shall pay to the department examination, review, and investigation fees as prescribed by section 18 of this title, which fees shall be billed when they are incurred. In addition to the powers set forth in this chapter, the commissioner may maintain an action in Washington superior court for the recovery of examination, review, and investigation costs as prescribed in section 18 of this title. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 1979, No. 157 (Adj. Sess.), § 7; 1999, No. 153 (Adj. Sess.), § 26, eff. Jan. 1, 2001; 2003, No. 81 (Adj. Sess.), § 1.)
