Vermont Statutes Title 9. Commerce and Trade, § 2517. Charitable gift annuities

(a) Definitions. As used in this section:

(b) Limitation. Charitable gift annuities may be issued and maintained only by a qualified charitable organization.

(c) Notice to donor. When entering into an agreement for a charitable gift annuity, the charitable organization shall disclose to the donor in writing in the annuity agreement, in print no smaller than that used in the annuity agreement generally, that a charitable gift annuity is not insurance under the laws of this State and is not subject to regulation as insurance by the Department of Financial Regulation or protected by an insurance guaranty association. The following information shall also be similarly disclosed:

(d) Effect of failure to provide notice. The failure of a charitable organization to comply with the notice requirements imposed under subsection (c) of this section does not prevent a charitable gift annuity that otherwise meets the requirements of this section from constituting a valid charitable gift annuity. The Attorney General may enforce the performance of the requirements of subsection (c) of this section by sending a letter by certified mail, return receipt requested, demanding that the charitable organization comply with the requirements of subsection (c) of this section. A charitable organization that fails to comply with subsection (c) of this section shall be subject to a civil penalty not to exceed $1,000.00 for each noncomplying agreement, up to a maximum total penalty of $10,000.00.