The Vermont Statutes Online
Subchapter 001 : General Provisions(Cite as: 8 V.S.A. § 2500)
§ 2500. Definitions
As used in this chapter:
(1) "Authorized delegate" means a person located in this State that a licensee designates to provide money services on behalf of the licensee.
(2) "Check cashing" means receiving at least $500.00 compensation within a 30-day period for taking payment instruments or prepaid access, other than traveler's checks, in exchange for money, payment instruments, or prepaid access delivered to the person delivering the payment instrument or prepaid access at the time and place of delivery without any agreement specifying when the person taking the payment instrument will present it for collection.
(3) "Currency exchange" means receipt of revenues equal to or greater than five percent of total revenues from the exchange of money of one government for money of another government.
(4) "Limited station" means private premises where a check casher is authorized to engage in check cashing for not more than two days of each week solely for the employees of the particular employer or group of employers specified in the check casher license application.
(5) "Mobile location" means a vehicle or a movable facility where check cashing occurs.
(6) "Monetary value" means a medium of exchange, whether or not redeemable in money.
(7) "Money" means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments.
(8) "Money services" means money transmission, check cashing, or currency exchange.
(9) "Money transmission" means to engage in the business of selling or issuing payment instruments, selling or issuing prepaid access, or receiving money or monetary value for transmission to a location within or outside the United States.
(10) "Outstanding," with respect to a payment instrument, means issued or sold by or for the licensee and which has been reported as sold but not yet paid by or for the licensee.
(11) "Payment instrument" means a check, draft, money order, traveler's check, or other instrument for the transmission or payment of money or monetary value, whether or not negotiable. The term does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.
(12) "Prepaid access" means funds or monetary value represented in digital electronic format, including virtual currency, whether or not specially encrypted, that are stored or capable of storage on electronic media and are retrievable and transferable electronically.
(13) "Virtual currency" means a digital representation of value that:
(A) can be a medium of exchange, a unit of account, or a store of value;
(B) has an equivalent value in money or acts as a substitute for money;
(C) may be centralized or decentralized; and
(D) can be exchanged for money or other convertible virtual currency. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2009, No. 137 (Adj. Sess.), § 1b; 2011, No. 78 (Adj. Sess.), § 14, eff. April 2, 2012; 2017, No. 22, § 11, eff. May 4, 2017; 2019, No. 20, § 40.)