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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

079

:
MONEY SERVICES






Subchapter

003
:
CHECK CASHING AND CURRENCY EXCHANGE










 

§

2516. Application for license

(a) A person

applying for a license under this subchapter shall do so under oath and in a

form and in a medium prescribed by the Commissioner. The application shall

state or contain:

(1) the legal

name and residential and business addresses of the applicant, if the applicant

is an individual and, if the applicant is not an individual, the name of each

partner, executive officer, manager, director, and principal equity owner and

the business address of the applicant;

(2) the location

of the principal office of the applicant;

(3) complete

addresses of other locations in this State where the applicant proposes to

engage in check cashing or currency exchange, including all limited stations

and mobile locations;

(4) a

description of the source of money and credit to be used by the applicant to

engage in check cashing services and currency exchange; and

(5) other

information the Commissioner requires with respect to the applicant.

(b) A

nonrefundable application fee of $500.00 and a license fee of $500.00 shall

accompany an application for a license under this subchapter. The license fee

shall be refunded if the application is denied.

(c) In

connection with an application for a license, the applicant and each executive

officer, manager, director, and person that has control of the applicant shall

furnish to the Nationwide Mortgage Licensing System and Registry information

concerning the applicant's identity, including:

(1) Fingerprints

for submission to the Federal Bureau of Investigation and to any other

governmental agency or entity authorized to receive such information for a

state, national, and international criminal history background check and

authorization for the Commissioner to obtain a criminal history background

check.

(2) Personal

history and experience in a form prescribed by the Nationwide Mortgage

Licensing System and Registry, including the submission of authorization for

the Nationwide Mortgage Licensing System and Registry and the Commissioner to

obtain:

(A) An independent

credit report and credit score from a consumer reporting agency described in

subsection 603(p) of the Fair Credit Reporting Act, 15 U.S.C. 1681a(p), for the

purpose of evaluating the applicant's financial responsibility at the time of

application and additional credit reports and credit scores to confirm the

licensee's continued compliance with the financial responsibility requirements

of this chapter; and

(B) Information

related to any administrative, civil, or criminal findings by any governmental jurisdiction.

(3) Any other

information required by the Nationwide Mortgage Licensing System and Registry

or the Commissioner. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2011,

No. 78 (Adj. Sess.), § 16, eff. April 2, 2012.)