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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

079

:
MONEY SERVICES






Subchapter

002
:
MONEY TRANSMISSION LICENSES










 

§

2508. Issuance of license

(a) Upon the

filing of an application under this subchapter, the Commissioner shall

investigate the financial condition and responsibility, financial and business

experience, character, and general fitness of the applicant, and any person

named in the application. The Commissioner may conduct an on-site investigation

of the applicant, the cost of which the applicant shall bear in accordance with

section 18 of this title. The Commissioner shall issue a license to an applicant

under this subchapter if the Commissioner finds that all of the following

conditions have been fulfilled:

(1) the

applicant has complied with sections 2506, 2507, and 2510 of this title;

(2) the

financial condition and responsibility, financial and business experience,

competence, character, and general fitness of the applicant, and competence,

experience, character, and general fitness of the executive officers, managers,

and directors of, and persons in control of the applicant indicate that it is

in the interest of the public to permit the applicant to engage in money

transmission; and

(3) the

applicant has paid the requisite application and license fees.

(b) The

Commissioner shall approve or deny an application for an original license

within 60 days after a complete application is filed, and notify the applicant

of the decision in a record. The Commissioner for good cause may extend the

review period.

(c) An applicant

whose application is denied by the Commissioner may request that the

Commissioner reconsider the application by making such request in writing,

within 15 days of the denial, responding specifically to the Commissioner's

stated reason or reasons for denial. The Commissioner shall then reconsider the

application in light of the response stated in the request for reconsideration.

Within 60 days of filing the request, upon findings as set forth in subsection

(a) of this section, the Commissioner shall issue the license.

(d) If the

Commissioner is unable to make findings as set forth in subsection (a) of this

section, the Commissioner shall not issue a license. Within 60 days of filing

of the request for reconsideration, the Commissioner shall notify the applicant

of the denial, and return to the applicant the bond and the sum paid by the

applicant as a license fee, retaining the application fee to cover the costs of

investigating the application. The applicant may request review by the Superior

Court in Washington County upon action brought in the usual form by an

aggrieved party, within 15 days after written notice of the denial of the

request for reconsideration.

(e) The

Commissioner may issue an electronic license. The license shall not be

transferable or assignable. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002;

amended 2013, No. 29, § 12, eff. May 13, 2013.)