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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 079 : MONEY SERVICES

Subchapter 002 : MONEY TRANSMISSION LICENSES

(Cite as: 8 V.S.A. § 2506)
  • § 2506. Application for license; additional information

    (a) In addition to the information required by section 2102 of this title, an application for a license under this subchapter shall state or contain:

    (1) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State;

    (2) a list of the applicant's proposed authorized delegates, and the locations in this State where the applicant and its authorized delegates propose to engage in money transmission or provide other money services;

    (3) a list of other states in which the applicant is licensed to engage in money transmission or provide other money services and information concerning any bankruptcy or receivership proceedings affecting the licensee;

    (4) a sample form of contract for authorized delegates, if applicable, and a sample form of payment instrument or instrument upon which prepaid access is recorded if applicable;

    (5) the name and address of any financial institution through which the applicant's payment instruments and prepaid access obligations will be paid; and

    (6) a description of the source of money and credit to be used by the applicant to provide money services

    (b) The Commissioner may waive one or more requirements of this section or permit an applicant to submit substituted information in lieu of the required information. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2009, No. 134 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 15, eff. April 2, 2012; 2019, No. 20, § 42.)