reglab/housing_qa huggingface dataset:
8 V.S.A. § 2507
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2507. Security

§ 2507. Security|(a) Except as otherwise provided in subsection (b) of this section, the following rules apply:  (1) A surety bond, letter of credit, or other similar security acceptable to the Commissioner of not less than $100,000.00 shall accompany an application for a license. (2) If an applicant proposes to provide money services at more than one location through authorized delegates or otherwise, the amount of the security shall be increased by $10,000.00 per location, not exceeding a total of $500,000.00.   (b) The Commissioner may increase the amount of security required to a maximum of $2,000,000.00 based upon the financial condition of a licensee, as evidenced by reduction of net worth, financial losses, or other relevant criteria.(c) Security shall be in a form satisfactory to the Commissioner, and payable to the State for use of the State and for the benefit of any claimant against the licensee and its authorized delegates to secure the faithful performance of the obligations of the licensee and its authorized delegates with respect to money transmission.(d) The aggregate liability on a surety bond may not exceed the principal sum of the bond. A claimant against a licensee or its authorized delegate may maintain an action directly against the bond, or the Commissioner may maintain an action on behalf of the claimant against the bond. The power vested in the Commissioner by this subsection shall be in addition to any other powers of the Commissioner under this chapter.(e) A surety bond shall cover claims effective for as long as the Commissioner specifies, but for at least five years after the licensee ceases to provide money services in this State. However, the Commissioner may permit the amount of security to be reduced or eliminated before the expiration of that time to the extent the amount of the licensee's payment instruments or prepaid access obligations outstanding in this State is reduced. The Commissioner may permit a licensee to substitute another form of security acceptable to the Commissioner for the security effective at the time the licensee ceases to provide money services in this State.(f) In lieu of the security prescribed in this section, an applicant for a license or a licensee may provide security in a form otherwise permitted by the Commissioner. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2019, No. 20, § 43.)
8 V.S.A. § 2510
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2510. Net worth

§ 2510. Net worth|A licensee under this subchapter shall maintain a net worth of at least $100,000.00, determined in accordance with generally accepted accounting principles. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
8 V.S.A. § 2511
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2511. Activities of money transmitters; receipts and refunds

§ 2511. Activities of money transmitters; receipts and refunds|(a) Every money transmitter licensee and its authorized delegates shall provide a receipt to the customer that clearly states the name, address, and telephone number of the licensee; the amount of money presented for transmission; and the total of any fees charged by the licensee.  (1) If the rate of exchange for a money transmission to be paid in the currency of another country is fixed by the licensee for that transaction at the time the money transmission is initiated, then the receipt provided to the customer shall disclose the rate of exchange for that transaction, and the duration, if any, for the payment to be made at the fixed rate of exchange so specified. (2) If the rate of exchange for a money transmission to be paid in the currency of another country is not fixed at the time the money transmission is sent, the receipt provided to the customer shall disclose that the rate of exchange for the transaction will be set at the time the recipient of the money transmission picks up the funds in the foreign country. (3) As used in this section, "fees" does not include revenue that a licensee or its authorized delegate generates, in connection with a money transmission, in the conversion of the money of one government into the money of another government.   (b) Every money transmitter licensee and its authorized delegates shall refund to the customer within 10 days of receipt of a written request for a refund all monies received for transmittal unless any of the following occurs:  (1) Prior to receipt of the written request for a refund, the monies have been transmitted and delivered to the person designated by the customer. (2) Prior to receipt of a written request for a refund, instructions have been given committing an equivalent amount of money to the person designated by the customer. (3) The licensee or its authorized delegate has reason to believe that a crime has occurred, is occurring, or may potentially occur as a result of transmitting the money as requested by the customer or refunding the money as requested by the customer. (4) The licensee is otherwise barred by law from making a refund. (Added 2017, No. 22, § 13.)
8 V.S.A. § 2515
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2515. Check cashing and currency exchange licenses required

§ 2515. Check cashing and currency exchange licenses required|(a) A person licensed under this subchapter may engage in check cashing and currency exchange.(b) A person licensed under subchapter 2 of this chapter may engage in check cashing and currency exchange without first obtaining a separate license under this subchapter.(c) An authorized delegate of a person licensed under subchapter 2 of this chapter may engage in check cashing and currency exchange without first obtaining a license under this subchapter if such money services are within the scope of activity permissible under the contract between the authorized delegate and the licensee. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
8 V.S.A. § 2516
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2516. Application for license; additional information

§ 2516. Application for license; additional information|In addition to the information required by section 2102 of this title, an application for a license under this subchapter shall state or contain:  (1) the complete addresses of locations in this State where the applicant proposes to engage in check cashing or currency exchange, including all limited stations and mobile locations; and (2) a description of the source of money and credit to be used by the applicant to engage in check cashing services and currency exchange. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2011, No. 78 (Adj. Sess.), § 16, eff. April 2, 2012; 2019, No. 20, § 46.)
8 V.S.A. § 2525
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2525. Relationship between licensee and authorized delegate

§ 2525. Relationship between licensee and authorized delegate|(a) In this subchapter, "remit" means to make direct payments of money to a licensee or its representative authorized to receive the money, or to deposit money in a depository institution within the meaning of subdivision 11101(24) of this title, in an account specified by the licensee.(b) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient to permit compliance with this chapter.(c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.(d) If a license is suspended, revoked, or nonrenewed, the Commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the Commissioner of the suspension, revocation, or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.(e) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except for activity in which the authorized delegate is otherwise licensed or authorized to engage.(f) An authorized delegate of a licensee holds in trust for the benefit of the licensee all money less fees earned from money transmission.(g) A person shall not provide money services on behalf of a person not licensed under this chapter. A person that engages in any money services activity under this chapter shall be subject to the provisions of this chapter to the same extent as if the person were a licensee under this chapter.(h) A person may not be an authorized delegate of another authorized delegate. An authorized delegate must enter into a contract directly with a licensee. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2009, No. 134 (Adj. Sess.), § 22.)
8 V.S.A. § 2530
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2530. Examinations

§ 2530. Examinations|The Commissioner shall examine the affairs, business, and records of each licensee under this chapter as often as the Commissioner deems necessary to carry out the purposes of this part. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2011, No. 78 (Adj. Sess.), § 17, eff. April 2, 2012; 2019, No. 20, § 49.)
8 V.S.A. § 2532a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2532a. Change of authorized delegates; change of location

§ 2532a. Change of authorized delegates; change of location|A licensee shall notify the Commissioner in writing within 30 days of any change in the list of authorized delegates or locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. Such notice shall state the name and street address of each authorized delegate or of each location removed or added to the licensee's list. Upon any such change, the licensee shall provide sufficient evidence that it is in compliance with section 2507 of this title. The licensee shall submit with the notice a nonrefundable fee of $25.00 for each new authorized delegate location and for each change in location. There is no fee to remove authorized delegates or to remove locations. (Added 2009, No. 134 (Adj. Sess.), § 24.)
8 V.S.A. § 2534
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2534. Records

§ 2534. Records|In addition to the records required by section 2119 of this title, a licensee shall maintain records for determining the licensee's compliance with this chapter. A licensee shall maintain its records for at least five years, which records shall include:  (1) a record of each payment instrument or prepaid access obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank reconciliation records; (4) records of outstanding payment instruments and prepaid access obligations; (5) records of each payment instrument and prepaid access obligation paid within the five-year period; (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and (7) any other records the Commissioner requires by rule. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2019, No. 20, § 53.)
8 V.S.A. § 2535
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2535. Money laundering reports

§ 2535. Money laundering reports|(a) A licensee and an authorized delegate shall file with the Commissioner copies of all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311, 31 C.F.R. Part 103, and other federal and State laws pertaining to money laundering.(b) The timely filing of a complete and accurate report required under subsection (a) of this section with the appropriate federal agency is compliance with the requirements of subsection (a) of this section, unless the Commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the Commissioner. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
8 V.S.A. § 2540
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2540. Maintenance of permissible investments

§ 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.)
8 V.S.A. § 2546
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2546. Termination or suspension of authorized delegate activity

§ 2546. Termination or suspension of authorized delegate activity|(a) Section 2110 of this title applies to authorized delegates.(b) The Commissioner may issue an order suspending or barring any authorized delegate or any responsible individual, director, officer, member, manager, partner, or person in control of such authorized delegate from continuing to be or becoming an authorized delegate of any licensee during the period for which such order is in effect, or may order that an authorized delegate cease and desist in any specified conduct.(c) Upon issuance of a suspension or bar order, the licensee shall terminate its relationship with such authorized delegate according to the terms of the order. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2019, No. 20, § 56.)
8 V.S.A. § 2555
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 79 - Money Services|§ 2555. Conservation, liquidation, and insolvency

§ 2555. Conservation, liquidation, and insolvency|To the extent applicable, the provisions of subchapters 2, 3, and 5 of chapter 209 of this title, excluding sections 19207, 19208, 19210, 19306, and 19307 of this title, shall apply to the conservation, liquidation, and insolvency of any licensee under this chapter. Such licensee shall be treated as a financial institution for the purposes of application of those subchapters. If an impaired or insolvent licensee is or becomes a debtor in bankruptcy or the subject of a bankruptcy proceeding under federal law, the Commissioner shall be relieved of any obligation otherwise imposed under this section and subchapters 2, 3, and 5 of chapter 209 of this title, and shall relinquish control of the assets and estate of such debtor to the duly appointed trustee in bankruptcy or the debtor in possession, as the case may be. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
8 V.S.A. § 2701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2701. Definitions

§ 2701. Definitions|As used in this chapter:  (1) "Account" means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union. (2) "Financial institution" means an institution as defined in subdivision 11101(32) of this title. (3) "Gift certificate" means a record evidencing a promise made for consideration by the seller or issuer of the record that money, goods, or services will be provided to the holder of the record for the value shown in the record. A "gift certificate" includes a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a prepaid access card or certificate; a store card; or a similar record or card. A gift certificate does not include an access device such as a debit card, code, or other means of access to a consumer's account regularly maintained at a financial institution or credit union that may be used by the consumer to access the funds in his or her account to initiate a withdrawal or to initiate an electronic funds transfer from the consumer's account. (4) "Loyalty, award, or promotional gift certificate" means a gift certificate that is issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in connection with a loyalty, award, or promotional program and that is redeemable upon presentation to one or more merchants for goods or services or that is usable at automated teller machines. (5) "Paid value" means the value of any money or other thing of value given in exchange for a gift certificate. (6) "Promotional value" means any value shown on a gift certificate in excess of the paid value of the gift certificate. (Added 2005, No. 39, § 1; amended 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012; 2019, No. 20, § 64.)
8 V.S.A. § 2702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2702. Expiration date

§ 2702. Expiration date|The paid value of a gift certificate sold or offered to be sold shall be valid for not less than five years after its date of issuance or after the date funds were last loaded onto the gift certificate, whichever is later. The date of issuance and the expiration date shall be clearly identified on its face, or, if an electronic card with a banked dollar value, clearly printed upon a sales receipt transferred to the purchaser of the electronic card upon the completed transaction, or otherwise made available to the purchaser or holder of the electronic card through means of an Internet site or a toll free information telephone line. A gift certificate not clearly marked with an expiration date or for which the expiration date is not otherwise made available as provided in this section shall be deemed to have no expiration date. Following the expiration date of the gift certificate, the unused portion of the paid value of the gift certificate shall be returned to the holder of the gift certificate, if requested. (Added 2005, No. 39, § 1; amended 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012.)
8 V.S.A. § 2702a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2702a. Loyalty, award, or promotional gift certificate

§ 2702a. Loyalty, award, or promotional gift certificate|A loyalty, award, or promotional gift certificate shall clearly and legibly set forth the following disclosures, as applicable:  (1) a statement indicating that the gift certificate is issued for loyalty, award, or promotional purposes, which shall be included on the front of the gift certificate; (2) the expiration date for both the paid value of the gift certificate, if any, and the promotional value of the gift certificate, if any, which shall be included on the front of the gift certificate; (3) the amount of any fees that may be imposed in connection with the gift certificate and the conditions under which they may be imposed, which shall be provided on or with the gift certificate; and (4) if any fee is assessed against the gift certificate, a toll-free telephone number and, if one is maintained, a website address that a consumer may use to obtain fee information, which shall be included on the gift certificate. (Added 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012.)
8 V.S.A. § 2703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2703. Prohibited fees

§ 2703. Prohibited fees|(a) Dormancy fees, latency fees, issuance fees, redemption fees, or any other administrative fees or service charges in connection with a gift certificate are prohibited.(b) Notwithstanding subsection (a) of this section, a money transmitter licensed under chapter 79 of this title, financial institution, or credit union may charge a one-time fee upon the issuance of a prepaid access card that is reasonably related to the cost to the issuer of issuing the card, provided that in no event shall the fee exceed $10.00. (Added 2005, No. 39, § 1; amended 2019, No. 20, § 65; 2019, No. 103 (Adj. Sess.), § 11.)
8 V.S.A. § 2704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2704. Redemption of gift certificate for cash

§ 2704. Redemption of gift certificate for cash|If the remaining value of a gift certificate is less than $1.00, the gift certificate shall be redeemable in cash for its remaining value upon the demand of the holder of the gift certificate. (Added 2005, No. 39, § 1.)
8 V.S.A. § 2705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2705. Balance inquiry

§ 2705. Balance inquiry|The issuer of the gift certificate, at the holder's request, shall inform the holder of the unused balance remaining on the gift certificate and the expiration date of the gift certificate. (Added 2005, No. 39, § 1.)
8 V.S.A. § 2706
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 81 - Gift Certificates|§ 2706. Penalty

§ 2706. Penalty|(a) The Commissioner may impose an administrative penalty of not more than $1,000.00 per violation upon any person who violates any provision of this chapter, any applicable rule, or any order issued by the Commissioner, plus the State's costs and expenses for the investigation and prosecution of the matter, including attorney's fees.(b) The Commissioner may order any person to make restitution to any person as a result of a violation of this chapter.(c) Any gift certificate that contains any provision in violation of this chapter is contrary to public policy, and such provision is void and unenforceable against the holder of the gift certificate.(d) The powers vested in the Commissioner by this chapter shall be in addition to any other powers of the Commissioner to enforce any penalties, fines, or forfeitures authorized by law.(e) The powers vested in the Commissioner by this chapter shall be in addition to any other powers or rights of consumers or the Attorney General or others under any other applicable law or rule, including without limitation the Vermont Consumer Protection Act and any applicable rules issued in connection therewith. (Added 2005, No. 39, § 1; amended 2011, No. 109 (Adj. Sess.), § 3, eff. May 8, 2012; 2011, No. 136 (Adj. Sess.), § 1b, eff. May 18, 2012.)