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 2545 – 2551
Subchapter 8 Conservation 2555
Subchapter 9 Nationwide Licensing System 2560 – 2561

Terms Used In Vermont Statutes > Title 8 > Chapter 79

  • 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
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agency: means the Agency of Transportation. See
  • agreement: shall mean one or more of the following:

  • Alcohol: means the product of distillation, fermentation, or chemical synthesis, including alcoholic beverages, ethyl alcohol, and nonpotable alcohol. See
  • Alcoholic beverages: means malt beverages, vinous beverages, spirits, and fortified wines. 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.
  • Annuity: shall mean annual payments for life derived from the accumulated contributions of a member. See
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Applicant: means a person that files an application for a license under this chapter. See
  • Appraisal: A determination of property value.
  • 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: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
  • biennially: shall mean the year in which a regular session of the General Assembly is held. See
  • Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
  • Board: means the Transportation Board. See
  • Board of Liquor and Lottery: means the board of control appointed under the provisions of chapter 5 of this title. See
  • Certificate of approval: means a license granted by the Board of Liquor and Lottery to a manufacturer or distributor of malt beverages or vinous beverages, or both, that is not licensed under the provisions of this title, that permits the licensee to sell those beverages to holders of a packager's or wholesale dealer's license. See
  • Certificate of approval: means an authorization by the Board of Liquor and Lottery pursuant to section 274 of this title to a manufacturer or distributor of malt beverages or vinous beverages, or both, not licensed under the provisions of this title, to sell those beverages to holders of a packager's or wholesale dealer's license issued by the Board pursuant to section 272 or 273 of this title. See
  • Certificate of approval holder: means a holder of a certificate of approval issued by the Liquor Control Board pursuant to section 274 of this title that produces or distributes a total annual volume of not more than 50,000 barrels of malt beverages and whose products comprise three percent or less of a wholesale dealer's total annual sales of malt beverages by volume. See
  • Check cashing: means receiving at least $500. See
  • Committee: shall mean the Vermont Pension Investment Committee. See
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Compensation: means the cost of a wholesale dealer's laid-in inventory related to a franchise that has been or is about to be terminated plus five times the average annual gross profits earned by the wholesale dealer on the sale of products pursuant to the franchise during the last three calendar years or, if the franchise has not been in existence for three years, the period of time during which the franchise has been in existence. 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.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the Department of Liquor and Lottery. See
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Division: means the Division of Liquor Control in the Department of Liquor and Lottery. See
  • Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. 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
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • 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
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • 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).
  • Franchise: means an agreement governing a relationship between a wholesale dealer and a certificate of approval holder or manufacturer that was entered into on or after January 1, 2019 and has existed for at least one year and has one or more of the following characteristics:

  • Franchisee: means any malt beverages or vinous beverages wholesale dealer to whom a franchise or agreement as defined in this section is granted or offered, or any malt beverages or vinous beverages certificate of approval holder or manufacturer who is a party to a franchise or agreement as defined in this section. See
  • Franchisor: means any malt beverages or vinous beverages certificate of approval holder or manufacturer who enters into any franchise or agreement with a malt beverages or vinous beverages wholesale dealer, or any malt beverages or vinous beverages certificate of approval holder or manufacturer who is a party to a franchise or agreement as defined in this section. See
  • Fraud: Intentional deception resulting in injury to another.
  • 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 F member: shall mean any person who is first included in the membership of the System on or after January 1, 1991, any person who was a Group E member on December 31, 1990, who was in service on that date, and any person who was a Group E member on December 31, 1990, who was absent from service on that date who returns to service on or after January 1, 1991. See
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Licensee: means a person licensed under this chapter. See
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Malt beverages: means all fermented beverages of any name or description manufactured for sale from malt, wholly or in part, or from any substitute therefor, known as, among other things, beer, ale, or lager, containing not less than one percent nor more than 16 percent alcohol by volume at 60 degrees Fahrenheit. See
  • Manufacturer: means a manufacturer licensed pursuant to section 271 of this title that produces a total annual volume of not more than 50,000 barrels of malt beverages and whose products comprise three percent or less of a wholesale dealer's total annual sales of malt beverages by volume. See
  • Member: shall mean any employee included in the membership of the Retirement System under section 457 of this title. 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 stored value, 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
  • Municipality: means a county, city, village, town, or any other political subdivision of this State, and any public corporation, authority, or district of this State which is or may be authorized by law to acquire, establish, construct, maintain, improve, or operate transportation facilities or services. See
  • Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
  • Nationwide Mortgage Licensing System and Registry: means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensees under this chapter, or any successor to the Nationwide Mortgage Licensing System and Registry, or any alternative or replacement licensing system as designated by the Commissioner. See
  • Oath: shall include affirmation where by law an affirmation may be substituted. See
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • Person: means an individual, firm, partnership, corporation, company, association, joint stock association, or body politic, including a trustee, receiver, assignee, or other similar representative. See
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, or any other legal or commercial entity. See
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • Principal equity owner: means any person (or group of persons acting in concert) who owns or controls 10 percent or more of any class of equity interest in the applicant. See
  • Prior service: shall mean service rendered prior to the date of membership in the Retirement System for which credit was given under the terms of one or both of the predecessor systems as set forth in section 458 of this title. See
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium, and is retrievable in perceivable form. 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
  • Responsible individual: means an individual who is employed by a licensee and has principal, active managerial authority over the provision of money services by the licensee in this State. See
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retail dealer: means any person who sells or furnishes malt or vinous beverages to the public. See
  • Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
  • road: shall include bridges thereon and their approaches. See
  • sales territory: means the area of sales responsibility designated by any agreement or franchise between any franchisee or franchisor for the brand or brands of any franchisor or manufacturer. See
  • Second-class license: means a license permitting the licensee to export and to sell malt beverages and vinous beverages to the public for consumption off the premises for which the license is granted. See
  • Secretary: means the Secretary of Transportation. See
  • Service: shall mean service as an employee for which compensation is paid by the State. See
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the U. See
  • Statute: A law passed by a legislature.
  • Stored value: means monetary value that is evidenced by an electronic record. See
  • Structure: means any object constructed or installed by man, including buildings, towers, smokestacks, and overhead transmission lines. See
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Total annual sales: means the total volume of all malt beverages sold by a wholesale dealer in the last four completed calendar quarters. See
  • Total annual volume: means :

  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Unsafe or unsound practice: means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers. See
  • Vinous beverages: means all fermented beverages of any name or description manufactured or obtained for sale from the natural sugar content of fruits or other agricultural product, containing sugar, the alcoholic content of which is not less than one percent nor more than 16 percent by volume at 60 degrees Fahrenheit. See
  • Virtual currency: means stored value that:

  • Wholesale dealer: means a packager licensed pursuant to section 272 of this title or a wholesale dealer licensed pursuant to section 273 of this title. See
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.