Vermont Statutes Title 8 Sec. 2502
Terms Used In Vermont Statutes Title 8 Sec. 2502
- Authorized delegate: means a person located in this State that a licensee designates to provide money services on behalf of the licensee. See
- Check cashing: means receiving at least $500. 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
- 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
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- 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
- Virtual currency: means a digital representation of value that:
§ 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.)