Skip to navigation Skip to content Skip to subnav
Searching 2019-2020 Session

The Vermont Statutes Online

The statutes were updated in November, 2018, and contain all actions of the
2018 legislative session.

Title 8 : Banking and Insurance

Chapter 079 : MONEY SERVICES

Subchapter 007 : ENFORCEMENT

(Cite as: 8 V.S.A. § 2545)
  • § 2545. Suspension, revocation, and nonrenewal receivership

    (a) The Commissioner may revoke, suspend, or not renew a licensee's license, or place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate, if the Commissioner finds that:

    (1) the licensee violates this chapter or a rule adopted or an order issued under this chapter;

    (2) the licensee does not cooperate with an examination or investigation by the Commissioner;

    (3) the licensee engages in fraud, intentional misrepresentation, or gross negligence;

    (4) an authorized delegate is convicted of a violation of a State or federal anti-money-laundering statute, or violates a rule adopted or an order issued under this chapter, as a result of the licensee's knowing misconduct or neglect;

    (5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, or responsible person of the licensee or of the authorized delegate indicates that it is not in the public interest to permit the person to provide money services;

    (6) the licensee engages in an unsafe or unsound practice;

    (7) the licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money, is insolvent, suspends payment of its obligations, or makes an assignment for the benefit of its creditors;

    (8) the licensee does not remove an authorized delegate after the Commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter;

    (9) any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying such application;

    (10) the licensee fails to maintain any required security under section 2507 of this title, or fails to maintain its minimum net worth as required by section 2510 of this title; or

    (11) the licensee has made any material false representation to the Commissioner in any application or report filed with the Commissioner.

    (b) In determining whether a licensee is engaging in an unsafe or unsound practice, the Commissioner may consider the volume and condition of the licensee's money services business, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.

    (c) If the Commissioner believes, from evidence satisfactory to him or her, that any person has violated a provision of subsection (a) of this section, the Commissioner may, in addition to any other powers, issue orders or directives to any person:

    (1) enjoining or prohibiting such person from engaging in the financial services industry in this State;

    (2) to remove any officer, director, employee, or control person; or

    (3) regarding any other action or remedy as the Commissioner deems necessary to carry out the purposes of this chapter.

    (d) The licensee shall receive 15 days' notice and an opportunity to be heard before such order shall be issued. Mailing notice by certified mail to the licensee's current address as stated on the license shall be presumptive evidence of its receipt by the licensee. However, if the Commissioner finds that the public safety or welfare imperatively requires emergency action, action with no prior notice or prior opportunity to be heard may be taken, pending proceedings for revocation or other action. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2017, No. 22, § 17, eff. May 4, 2017.)