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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
083
:
DEBT ADJUSTERS
§
2753. Application for license
(a) A person
applying for a license under this chapter shall do so under oath and in a form
and manner prescribed by the Commissioner. The application shall state or
contain:
(1) the legal
name and business address of the applicant, and any fictitious or trade name
used by the applicant in conducting its business;
(2) a list of
any criminal convictions of the applicant and any material litigation in which
the applicant has been involved in the ten-year period next preceding the
submission of the application;
(3) a
description of any debt adjustment and related services previously provided by
the applicant;
(4) the debt
adjustment and related services that the applicant seeks to provide in this
State;
(5) 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;
(6) a
description of the nature and amount of the fees, or the method of calculating
the fees, charged to the debtor;
(7) 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;
(8) 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;
(9) 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;
(10) the name
and address of the federally insured financial institution through which the
applicant maintains a separate account for the benefit of debtors; and
(11) any other
information the Commissioner requires with respect to the applicant.
(b) If an
applicant is a corporation, nonprofit corporation, limited liability company,
partnership, or other entity, the applicant shall also provide:
(1) the date of
the applicant's incorporation or formation and state or country of
incorporation or formation;
(2) if
applicable, a certificate of good standing from the state or country in which
the applicant is incorporated or formed and a certificate of authority to transact
business in the State of Vermont;
(3) a brief
description of the structure or organization of the applicant, including any
parent, subsidiary, or affiliate of the applicant, and whether any parent,
subsidiary, or affiliate is publicly traded;
(4) the legal
name, any fictitious or trade name, all business and residential addresses, and
the employment, in the ten-year period next preceding the submission of the
application of each executive officer, manager, director of, or person that has
control of, the applicant;
(5) a list of
any criminal convictions, material litigation, or disciplinary actions in which
any executive officer, manager, director of, or individual in control of, the
applicant has been involved in the ten-year period next preceding the submission
of the application;
(6) a copy of
the applicant's audited financial statements, and a copy of the audited
financial statements of any person in control of the applicant, for the most
recent fiscal year and, if available, for the two-year period next preceding
the submission of the application;
(7) a copy of
the applicant's unconsolidated financial statements, and a copy of the
unconsolidated financial statements of any person in control of the applicant
for the current year, whether audited or not, and, if available, for the
two-year period next preceding the submission of the application;
(8) a copy of
the applicant's federal tax returns for the two-year period next preceding the
submission of the application;
(9) if the
applicant or any person in control of the applicant is publicly traded, a copy
of the most recent 10-K report filed with the U.S. Securities and Exchange
Commission;
(10) if the
applicant is a wholly owned subsidiary:
(A) a copy of
the federal tax return for the parent company for the most recent year;
(B) a copy of
audited financial statements for the parent corporation for the most recent
fiscal year; and
(C) of a
corporation publicly traded in the United States, a copy of the parent
corporation's most recent 10-K report filed with the U.S. Securities and
Exchange Commission or, if the applicant is a wholly-owned subsidiary of a
corporation publicly traded outside the United States, a copy of similar
documentation filed with the regulator of the parent corporation's domicile outside
the United States;
(11) the name
and address of the applicant's registered agent in this State; and
(12) any other
information the Commissioner requires with respect to the applicant or any
person in control of the applicant.
(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.
(d) The
Commissioner may waive one or more requirements of subsections (a) and (b) 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.)