reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 77 - Independent Trust Companies › § 2404. Name; multiple locations

§ 2404. Name; multiple locations
(a) An independent trust company shall file any name proposed to be used in connection with a trust business or establishing a principal office or trust office in this State 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.
(b) An independent trust company organized or regulated under this chapter may petition the Commissioner for permission to establish and maintain new or additional offices for the transaction of its trust business.
(c) An independent trust company shall not operate any new or additional office unless the Commissioner has determined that the establishment of the office will promote the general good of the State, applying the standards and procedures contained in subsection 2403(c) of this title, as applicable. If the Commissioner determines that the establishment will promote the general good, the Commissioner shall approve the new or additional office. (Added 1997, No. 98 (Adj. Sess.), § 8b.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 77 - Independent Trust Companies › § 2406. Reciprocity

§ 2406. Reciprocity
(a) An independent trust company organized under the laws of a jurisdiction other than Vermont shall be authorized to engage in a trust business in this State, to the same extent and under the same conditions that an independent trust company formed in this State may operate in such other jurisdiction. The independent trust company organized under the laws of a jurisdiction other than Vermont must obtain the Commissioner’s written authorization before it may engage in a trust business in this State.
(b) For purposes of this section, an independent trust company organized under the laws of a jurisdiction other than Vermont shall mean an entity that is organized and regulated in a manner that is substantially similar to an independent trust company formed under this chapter by whatever name, but which is not a financial institution within the meaning of subdivision 11101(32) of this title. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 21, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 77 - Independent Trust Companies › § 2408. Laws applicable; matters of contract

§ 2408. Laws applicable; matters of contract
(a) An independent trust company exercising trust powers under this chapter shall be subject to the same responsibilities, liabilities, and penalties as an individual acting in like capacity, and the company shall have the same powers and shall receive the same compensation as individuals acting in like capacity, if fixed by law.
(b) The exercise of powers not listed in subsection (a) of this section, and the performance of the other duties by the company may be as contracted for by the parties interested.
(c) In performing its duties under a trust, an independent trust company shall be subject to all applicable provisions of 14 V.S.A. chapter 105. (Added 1997, No. 98 (Adj. Sess.), § 8b.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 77 - Independent Trust Companies › § 2411. Unsafe condition; receivership

§ 2411. Unsafe condition; receivership
If the Commissioner finds a deficiency in capital or other unsafe or unsound condition of an independent trust company has not been remedied within the time prescribed under an order of the Commissioner issued pursuant to this chapter, the Commissioner may apply to the Superior Court in Washington County, to be appointed receiver for the liquidation or rehabilitation of the company. The expense of the receivership shall be paid out of the assets of the independent trust company. The provisions of subchapters 2, 3, and 4 of chapter 209 of this title shall apply to an independent trust company formed or regulated under this chapter as if the independent trust company were a financial institution to the extent applicable. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 22, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2451. Definitions

§ 2451. Definitions
As used in this section:
(1) “Personal information” means data capable of being associated with a particular natural person, including gender identification, birth information, marital status, citizenship and nationality, biometric records, government identification designations, and personal, educational, and financial histories.
(2) “Personal information protection company” means a business that is organized for the primary purpose of providing personal information protection services to individual consumers.
(3) “Personal information protection services” means receiving, holding, and managing the disclosure or use of personal information concerning an individual consumer:
(A) pursuant to a written agreement, in which the person receiving the individual consumer’s information agrees to serve as a personal information protection company, and which specifies the types of personal information to be held and the scope of services to be provided on behalf of the consumer; and
(B) in the best interests and for the protection and benefit of the consumer. (Added 2017, No. 205 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2452. Personal information as the subject of a fiduciary relationship

§ 2452. Personal information as the subject of a fiduciary relationship
A personal information protection company that accepts personal information pursuant to a written agreement to provide personal information protection services has a fiduciary responsibility to the consumer when providing personal protection services. (Added 2017, No. 205 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2453. Qualified personal information protection company

§ 2453. Qualified personal information protection company
(a) A personal information protection company shall qualify to conduct its business under the terms of this chapter, chapter 72 of this title, and applicable rules adopted by the Department of Financial Regulation.
(b) A person shall not engage in business as a personal information protection company in this State without first obtaining a license from the Department.
(c) A personal information protection company shall:
(1) be organized or authorized to do business under the laws of this State;
(2) maintain a place of business in this State;
(3) appoint a registered agent to accept service of process and to otherwise act on its behalf in this State, provided that whenever the registered agent cannot with reasonable diligence be found at the Vermont registered office of the company, the Secretary of State shall be an agent of the company upon whom any process, notice, or demand may be served;
(4) annually hold at least one meeting of its governing body in this State, at which meeting one or more members of the body are physically present; and
(5) develop, implement, and maintain a comprehensive information security program that contains administrative, technical, and physical safeguards sufficient to protect personal information, and which may include the use of blockchain technology, as defined in 12 V.S.A. § 1913, in some or all of its business activities. (Added 2017, No. 205 (Adj. Sess.), § 2; amended 2019, No. 103 (Adj. Sess.), § 4.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2454. Name; office

§ 2454. Name; office
A personal information protection company shall file with the Department of Financial Regulation the name it proposes to use in connection with its business, which the Department shall not approve if it determines that the name may be misleading, likely to confuse the public, or deceptively similar to any other business name in use in this State. (Added 2017, No. 205 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2455. Conduct of business

§ 2455. Conduct of business
(a) A personal information protection company may:
(1) operate through remote interaction with the individuals entrusting personal information to the company, and there shall be no requirement of Vermont residency or other contact for any such individual to establish such a relationship with the company; and
(2) subject to applicable fiduciary duties, the terms of any agreement with the individual involved, and any applicable statutory or regulatory provision:
(A) provide elements of personal information to third parties with which the individual seeks to have a transaction, a service relationship, or other particular purpose interaction;
(B) provide certification or validation concerning personal information;
(C) receive compensation for acting in these capacities.
(b) An authorization to provide personal information may be either particular or general, provided it meets the terms of any agreement with the individual involved and any rules adopted by the Department of Financial Regulation. (Added 2017, No. 205 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 78 - Personal Information Protection Companies › § 2457. Reports; rules

§ 2457. Reports; rules
(a) The Department of Financial Regulation may prescribe by rule the timing and manner of reports by a personal information protection company to the Department.
(b) The Department may adopt rules to govern other aspects of the business of a personal information protection company, including its protection and safeguarding of personal information and its interaction with third parties with respect to personal information it holds. (Added 2017, No. 205 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 79 - Money Services › § 2502. License required

§ 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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 79 - Money Services › § 2505. License required

§ 2505. License required
A person licensed under this subchapter or that is an authorized delegate of a person licensed under this subchapter may engage in money transmission and may also engage in check cashing or currency exchange without obtaining a separate license under subchapter 3 of this chapter. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 79 - Money Services › § 2506. Application for license; additional information

§ 2506. Application for license; additional information
(a) 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) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State;
(2) a list of the applicant’s proposed authorized delegates, and the locations in this State where the applicant and its authorized delegates propose to engage in money transmission or provide other money services;
(3) a list of other states in which the applicant is licensed to engage in money transmission or provide other money services and information concerning any bankruptcy or receivership proceedings affecting the licensee;
(4) a sample form of contract for authorized delegates, if applicable, and a sample form of payment instrument or instrument upon which prepaid access is recorded if applicable;
(5) the name and address of any financial institution through which the applicant’s payment instruments and prepaid access obligations will be paid; and
(6) a description of the source of money and credit to be used by the applicant to provide money services
(b) The Commissioner may waive one or more requirements of this section or permit an applicant to submit substituted information in lieu of the required information. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2009, No. 134 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 15, eff. April 2, 2012; 2019, No. 20, § 42.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 81 - Gift Certificates › § 2707. Exemption

§ 2707. Exemption
Except as provided in this section, the provisions of this chapter shall not apply to the following:
(1) a loyalty, award, or promotional gift certificate where no money or other thing of value is given in exchange for the gift certificate, provided that the gift certificate complies with section 2702a of this title;
(2) the promotional value of a loyalty, award, or promotional gift certificate issued in exchange for paid value, provided that the gift certificate complies with sections 2702 and 2702a of this title;
(3) a gift certificate donated to a charitable organization and used for fund-raising activities of a charitable organization, without any money or other thing of value being given in exchange for the gift certificate by the charitable organization, provided that the expiration date is clearly and legibly printed on the gift certificate;
(4) prepaid calling cards issued solely to provide an access number and authorization code for prepaid calling services;
(5) a season pass, a discount ski card, or a record sold for admission to any seasonal recreational activity; or
(6) a payroll card account issued pursuant to and in full compliance with 21 V.S.A. § 342(c). (Added 2005, No. 39, § 1; amended 2009, No. 115 (Adj. Sess.), § 2, eff. May 21, 2010; 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 81 - Gift Certificates › § 2708. Investigations and complaints; powers of Commissioner

§ 2708. Investigations and complaints; powers of Commissioner
If the Commissioner has reason to believe that any person has violated any of the provisions of this chapter, the Commissioner may make such investigation as the Commissioner shall deem necessary, and, to the extent necessary for this purpose, the Commissioner’s authorized representative may examine such person and shall have the power to compel the production of all relevant books, records, and documents. (Added 2005, No. 39, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 81 - Gift Certificates › § 2709. Vermont Consumer Protection Act

§ 2709. Vermont Consumer Protection Act
(a) A violation of this chapter shall be deemed also a violation of the Vermont Consumer Protection Act, 9 V.S.A. chapter 63, provided that the Commissioner’s determinations concerning the interpretation and administration of the provisions of this chapter and any rules adopted under this chapter shall carry a presumption of validity as to financial institutions, credit unions, and all persons licensed or required to be licensed under this title.
(b) A consumer may bring a private action under this chapter or under 9 V.S.A. chapter 63 for any violation of this chapter. (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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 81 - Gift Certificates › § 2710. Enforcement

§ 2710. Enforcement
(a) The Commissioner may enforce compliance with the requirements of this chapter with respect to financial institutions as defined in subdivision 11101(32) of this title, credit unions, and all persons and entities licensed or required to be licensed under this title.
(b) The Attorney General shall cooperate and consult with the Commissioner prior to the commencement of any investigation or enforcement action with respect to any person or entity described in subsection (a) of this section.
(c) Nothing contained in subsection (a) or (b) of this section shall prohibit the Commissioner and the Attorney General from bringing a joint enforcement action against any person or entity described in subsection (a) for a violation of this chapter. (Added 2005, No. 39, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 81 - Gift Certificates › § 2711. Rules

§ 2711. Rules
(a) The Commissioner may adopt such rules as are necessary to carry out the purposes of this chapter with respect to financial institutions, credit unions, and all persons and entities licensed or required to be licensed under this title.
(b) The Attorney General may adopt such rules as are necessary to carry out the purposes of this chapter with respect to all persons and entities other than financial institutions, credit unions, and all persons or entities licensed or required to be licensed under this title. (Added 2005, No. 39, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 83 - Debt Adjusters › § 2751. Definitions

§ 2751. Definitions
As used in this chapter, “debt adjustment” means making an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor’s creditors in full or partial payment of obligations of the debtor and includes services as an intermediary between a debtor and one or more of the debtor’s creditors for the purpose of obtaining concessions. Debt adjustment also includes any program or strategy in which the debt adjuster furnishes services to a debtor which includes a proposed or actual payment or schedule of payments to be made by or on behalf of the debtor and is used to pay debt owed by the debtor. For purposes of this chapter, engaging in debt adjustment in this State shall include:
(1) soliciting debt adjustment business from within this State, whether by mail, by telephone, by electronic means, or by other means regardless of whether the debtor resides within this State or outside this State;
(2) soliciting debt adjustment business with an individual residing in this State, whether by mail, by telephone, by electronic means, or by other means;
(3) entering into, or succeeding to, a debt adjustment contract with an individual residing in this State; or
(4) providing, offering to provide, or agreeing to provide debt adjustment services directly or through others. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2005, No. 36, § 4, eff. June 1, 2005; 2009, No. 137 (Adj. Sess.), §§ 2, 3; 2011, No. 78 (Adj. Sess.), § 19, eff. April 2, 2012; 2019, No. 20, § 66.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 83 - Debt Adjusters › § 2752. License

§ 2752. License
No person shall engage in the business of debt adjustment except as authorized by this chapter and without first obtaining a license from the Commissioner. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 83 - Debt Adjusters › § 2753. Application for license; additional information

§ 2753. Application for license; additional information
(a) In addition to the information required by section 2102 of this title, an application for a license under this chapter shall state or contain:
(1) A description of any debt adjustment and related services previously provided by the applicant.
(2) The debt adjustment and related services that the applicant seeks to provide in this State.
(3) A description of how the applicant will market its services, along with copies of all scripts, mailings, advertisements, and other marketing materials, provided that submission of these materials shall not waive any legal claim the State may have with respect to the content or use of the materials.
(4) A description of the nature and amount of the fees, or the method of calculating the fees, charged to the debtor.
(5) A list of the applicant’s locations in this State and outside this State where the applicant proposes to engage Vermont residents in debt adjustment services.
(6) A list of other states in which the applicant is licensed to engage in debt adjustment services and information concerning any bankruptcy or receivership proceedings affecting the licensee, and any license revocations, suspensions, or criminal or disciplinary action taken against the applicant in other states.
(7) A blank copy of the contract the applicant intends to use. The applicant shall notify the Commissioner of all changes and amendments thereto. The terms and conditions of all contracts shall be subject to prior approval by the Commissioner.
(8) The name and address of the federally insured financial institution through which the applicant maintains a separate account for the benefit of debtors.
(b) The Commissioner may waive one or more requirements of this section or permit an applicant to submit substituted information in lieu of the required information. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3; 2011, No. 78 (Adj. Sess.), § 20, eff. April 2, 2012; 2019, No. 20, § 67.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 83 - Debt Adjusters › § 2755. Bond required

§ 2755. Bond required
(a) Each applicant shall submit to the Commissioner, with the application for a license, a bond, in such form as the Commissioner shall direct, in the amount of $50,000.00, or such greater amount as the Commissioner may determine is required by the business circumstances of the applicant.
(b) The bond shall be in a form and in accordance with such terms and conditions satisfactory to the Commissioner and payable to the State for use of the State and for the benefit of any claimant against the licensee to secure the faithful performance of the obligations of the licensee.
(c) The Commissioner may require a larger bond if he or she determines, in his or her sole discretion, that a licensee has engaged in a pattern of conduct resulting in bona fide consumer complaints of misconduct and that such increased bond is necessary for the protection of consumers; or the Commissioner may increase or decrease the amount of such bond based upon the applicant’s or licensee’s financial condition, business plan, number of locations, and the actual or estimated aggregate amount of payments and fees paid by debtors under the debt adjustment contracts. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 83 - Debt Adjusters › § 2757a. Annual report; additional information

§ 2757a. Annual report; additional information
In addition to the information required by section 2120 of this title, the annual report shall state or contain:
(1) the number of new debt adjustment contracts entered into with Vermont residents during the preceding year, the number of Vermont residents that have completed the debt adjustment contract during the preceding year, the number of Vermont residents that have cancelled their debt adjustment contract during the preceding year, and the licensee’s total number of debt adjustment contracts with Vermont residents; and
(2) a list of the locations in this State and outside this State where the licensee engages in debt adjustment activities with Vermont residents. (Added 2003, No. 81 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 3; 2019, No. 20, § 71.)