§ 4867a - Annual report
§ 4867a. Annual report
(a) A licensee under this subchapter shall submit an annual report on or before April 1 for the preceding calendar year in a form and manner prescribed by the commissioner. The annual report shall state or contain:
(1) a copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee's most recent audited consolidated annual financial statement;
(2) the number of new debt adjustment contracts entered into with Vermont residents during the preceding year, the number of Vermont residents that have completed the debt adjustment contract during the preceding year, the number of Vermont residents that have cancelled their debt adjustment contract during the preceding year, and the licensee's total number of debt adjustment contracts with Vermont residents;
(3) a description of each material change in information submitted by the licensee in its original license application that has not been previously reported to the commissioner on any required report;
(4) a list of the locations in this state and outside this state where the licensee engages in debt adjustment activities with Vermont residents; and
(5) any other information the commissioner may require.
(b) If a licensee does not file an annual report on or before April 1 or pay its renewal fee by December 1 or within any extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. The licensee's license shall be suspended ten calendar days after the commissioner sends the notice of suspension. The licensee has 20 days after its license is suspended in which to file an annual report or pay the renewal fee, plus $100.00 for each day after suspension that the commissioner does not receive the annual report or the renewal fee. The commissioner for good cause may grant an extension of the due date of the annual report or the renewal date.
(c) The commissioner may require more frequent reports from any licensee for the purpose of determining the adequacy of the licensee's security. (Added 2003, No. 81 (Adj. Sess.), § 1.)