The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 079 : Money Services
Subchapter 001 : General Provisions
(Cite as: 8 V.S.A. § 2502)-
§ 2502. License required
(a) A person shall not engage in money transmission without:
(1) obtaining a license under subchapter 2 of this chapter; or
(2) being an authorized delegate of a person licensed under subchapter 2 of this chapter.
(b) A person shall not engage in check cashing or currency exchange without:
(1) obtaining a license under subchapter 3 of this chapter;
(2) obtaining a license for money transmission under subchapter 2 of this chapter; or
(3) being an authorized delegate of a person licensed under subchapter 2 of this chapter.
(c) A person not licensed under this chapter or not an authorized delegate of a licensee is engaged in providing money services if the person advertises those services, solicits to provide those services, or holds itself out as providing those services.
(d) A license is not transferable or assignable.
(e) A licensee shall file with the Commissioner any name proposed to be used in connection with a money service business or location pursuant to this chapter. The Commissioner shall not approve a proposed name if the Commissioner determines that the name may be misleading or likely to confuse the public, or deceptively similar to any name in use in this State.
(f) A licensee shall register each remote access unit, commonly referred to as a “kiosk,” where a consumer may access money transmission services, including buying or selling virtual currency. Each kiosk is subject to the disclosure requirements established in section 10302 of this title. If a kiosk is owned by a person other than the licensee and the owner charges an additional fee to the consumer for access to the licensee’s services, the owner is also subject to the disclosure requirements of chapter 200 of this title. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2021, No. 139 (Adj. Sess.), § 7, eff. May 27, 2022.)
