§ 2505 License required
§ 2506 Application for license; additional information
§ 2507 Security
§ 2510 Net worth
§ 2511 Activities of money transmitters; receipts and refunds

Terms Used In Vermont Statutes > Title 8 > Chapter 79 > Subchapter 2 - Money Transmission Licenses

  • Authorized delegate: means a person located in this State that a licensee designates to provide money services on behalf of the licensee. See
  • 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.
  • Check cashing: means receiving at least $500. See
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • 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
  • 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
  • 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
  • person: as used in this chapter , shall include corporations, companies, societies, and associations. 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
  • 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