Sections
Subchapter 1 General Provisions 2500 – 2502
Subchapter 2 Money Transmission Licenses 2505 – 2511
Subchapter 3 Check Cashing and Currency Exchange 2515 – 2519
Subchapter 4 Authorized Delegates 2525
Subchapter 5 Examinations; Reports; Records 2530 – 2535
Subchapter 6 Permissible Investments 2540 – 2541
Subchapter 7 Enforcement 2546
Subchapter 8 Conservation, Liquidation, and Insolvency 2555

Terms Used In Vermont Statutes > Title 8 > Chapter 79 - Money Services

  • Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member together with any amount transferred to the account of the member established pursuant to this system from the respective account of said member under one or both of the predecessor systems, with interest thereon, as provided in section 473 of this title. See
  • Actuarial equivalent: shall mean a benefit of equal value under the actuarial assumptions last adopted by the Retirement Board under subsection 472a(h) of this title. See
  • Admitted assets: means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. See
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Annuity: shall mean annual payments for life derived from the accumulated contributions of a member. See
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized delegate: means a person located in this State that a licensee designates to provide money services on behalf of the licensee. See
  • Average final compensation: shall mean :

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
  • Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
  • Brand name: means any word, name, symbol, or device, or any combination thereof, identifying the commercial feed, feed supplement, dosage form animal health product, or a distributor or registrant and distinguishing it from that of others. See
  • business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See
  • Check cashing: means receiving at least $500. See
  • Commercial feed: means all materials except whole seeds unmixed or physically altered entire unmixed seeds, when not adulterated within the meaning of subsection 327(a) of this title, that are distributed for use as feed or for mixing in feed. See
  • Commission: shall mean the Vermont Pension Investment Commission. See
  • Commissioner: means the Commissioner of Financial Regulation or his or her deputies, as appropriate. See
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
  • Creditable service: shall mean service for which credit is allowed under section 458 of this title, plus service transferred under section 495 of this title. See
  • 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. See
  • Customer-formula feed: means commercial feed that consists of a mixture of commercial feeds or feed ingredients, each batch of which is manufactured according to the specific instructions of the final purchaser. See
  • Department: shall mean any department, institution, or agency of this State government. See
  • Dependent: A person dependent for support upon another.
  • Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Distribute: means to offer for sale, sell, exchange, or barter commercial feed, feed supplements, or dosage form animal health products or to supply, furnish, or otherwise provide commercial feed, feed supplements, or dosage form animal health products through any means, including sales outlets, catalogues, the telephone, the Internet, or any electronic means. See
  • Distributor: means any person who distributes commercial feeds, feed supplements, or dosage form animal health products. See
  • Dosage form animal health product: means any product intended to affect the structure or function of the animal's body or enhance or support the health or well-being of livestock, poultry, dogs, cats, or other domestic animals that does not provide nutritional benefit, does not require a prescription from a licensed veterinarian, is not intended for cosmetic purposes, or is exempted by the Secretary by rule. See
  • Drug: means any substance intended for use in the diagnosis, cure, mitigation, treatment, or prevention of disease in domestic animals other than humans and substances other than feed intended to affect the structure or any function of the animal body. See
  • Earnable compensation: shall mean the full rate of compensation that would be payable to an employee if the employee worked the full normal working time for the employee's position. See
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Employee: includes deputy State's Attorneys, victim advocates employed by a State's Attorney pursuant to 13 V. See
  • Enterprise risk: means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including anything that would cause the insurer's risk-based capital to fall into company action level as set forth in section 8303 of this title or would cause the insurer to be in hazardous financial condition under Department Regulation I-93-2, sections 3-4. See
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Feed ingredient: means each of the constituent materials making up a commercial feed. See
  • Feed supplement: means a material used with another to improve the nutritive balance or performance of the total and intended to be fed undiluted as a supplement to other feeds or offered free choice with other parts of the ration separately available or further diluted and mixed to produce a complete feed. See
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Forward: means an agreement (other than a future) to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
  • Fraud: Intentional deception resulting in injury to another.
  • Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • group: means an insurance holding company system that:

  • Group A members: means employees classified under subdivision (A) of subdivision (9) of this subsection (a). See
  • Group C members: means employees classified under subdivision (B) of subdivision (9) of this subsection (a) who become members as of the date of establishment, any person who is first included in the membership of the System on or after July 1, 1998, any person who was a Group B member on June 30, 1998, who was in service on that date, and any person who was a Group B member on June 30, 1998, who was absent from service on that date who returns to service on or after July 1, 1998. See
  • Group D members: means Justices of the Supreme Court, Superior judges, district judges, environmental judges, and probate judges. See
  • Group G member: means the following employees who are first employed in the positions listed in this subdivision (F) on or after July 1, 2023, or who are members of the System as of June 30, 2022 and make an irrevocable election to prospectively join Group G on or before June 30, 2023, pursuant to the terms set by the Board: facility employees of the Department of Corrections, as Department of Corrections employees who provide direct security and treatment services to offenders under supervision in the community, as employees of a facility for justice-involved youth, or as Vermont State Hospital employees or as employees of its successor in interest, who provide direct patient care. See
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insurer: means a company qualified and licensed to transact the business of insurance in this State and shall include a health maintenance organization, a nonprofit hospital service corporation, and a nonprofit medical service corporation, except that it shall not include:

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
  • Label: means a display of written, printed, or graphic matter upon or affixed to the container in which a commercial feed, feed supplement, or dosage form animal health product is distributed or on the invoice or delivery slip with which a commercial feed, feed supplement, or dosage form animal health product is distributed. See
  • Labeling: means all labels and other written, printed, or graphic matter upon a commercial feed, feed supplement, or dosage form animal health product or any of its containers; the wrapper accompanying the commercial feed, feed supplement, or dosage form animal health product; or advertisements, brochures, posters, electronic media, the Internet, and television and radio announcements used in promoting the sale of the commercial feed, feed supplement, or dosage form animal health product. See
  • Manufacture: means to produce, grind, mix, or blend or further process a commercial feed, feed supplement, or dosage form animal health product for distribution. See
  • maximum allowance: shall mean the sum of the annuity and the pension. See
  • Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
  • Monetary value: means a medium of exchange, whether or not redeemable in money. See
  • Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. See
  • Money services: means money transmission, check cashing, or currency exchange. See
  • 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. See
  • Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
  • NAIC: means the National Association of Insurance Commissioners. See
  • Neonicotinoid pesticide: means any economic poison containing a chemical belonging to the neonicotinoid class of chemicals. See
  • Normal retirement date: means :

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Offloaded: means removed or otherwise taken off or away from the conveyance of transport. See
  • Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend, or terminate or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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. See
  • Pension: shall mean annual payments for life derived from contributions by the State. See
  • percentages: means percentages by weights. See
  • Person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function. See
  • person: as used in this chapter , shall include corporations, companies, societies, and associations. See
  • Personal property: All property that is not real property.
  • Pest: means any insect, rodent, nematode, fungus, weed, or any other form of terrestrial or aquatic plant or animal life or virus, bacteria, or other microorganisms that the Secretary declares as being injurious to health or environment. See
  • Pet: means any domesticated animal normally maintained in or near the household of the owner. See
  • Pet food: means any commercial feed prepared and distributed for consumption by pets. See
  • Predecessor system: shall mean , where applicable, the Vermont Employees' Retirement System and the Vermont State Police and Motor Vehicle Inspectors' Retirement System, either one of them, or a combination thereof. See
  • 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. See
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Product: means the name of the commercial feed, feed supplement, or dosage form animal health product that identifies it as to kind, class, or specific use. See
  • Quorum: The number of legislators that must be present to do business.
  • Reactor: means livestock or poultry that test positive to a test required under this chapter. See
  • Regular interest: shall mean interest at such rate or rates as may be set from time to time by the Retirement Board in accordance with subsection 472(b) of this title. See
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
  • Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
  • Service: shall mean service as an employee for which compensation is paid by the State. See
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • supervisor: means the regulatory official authorized to engage in conducting and coordinating groupwide supervision activities, as specified by the Commissioner under section 3696 of this subchapter. See
  • Suspect: means livestock or poultry that are tested under a requirement in this chapter and are not classified as testing positive or negative. See
  • system: means two or more affiliated persons, one or more of which is an insurer. See
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
  • Treated article: means a pesticide or class of pesticides exempt under 40 C. See
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • under common control with: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See
  • Vermont State Retirement Fund: shall mean the fund created by section 473 of this title, which shall contain the assets of the Retirement System and from which shall be paid the benefits due to beneficiaries and the expenses of the Retirement System. See
  • Virtual currency: means a digital representation of value that:

  • Voting security: shall include any security convertible into or evidencing a right to acquire a voting security. See