Vermont Statutes Title 8 Sec. 2540
Terms Used In Vermont Statutes Title 8 Sec. 2540
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. 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
§ 2540. Maintenance of permissible investments
(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and prepaid access obligations issued or sold and money transmitted by the licensee or its authorized delegates.
(b) The Commissioner, with respect to any licensee, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a depository institution within the meaning of subdivision 11101(24) of this title. The Commissioner, by rule, may prescribe or by order allow other types of investments that the Commissioner determines to have a safety substantially equivalent to other permissible investments.
(c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments and prepaid access obligations in the event of bankruptcy or receivership of the licensee. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2019, No. 20, § 54.)