Reporting and Records for Money Transmitters

V.S.A. tit. 8, ch. 79, subch. 5

in effect

8 V.S.A. § 2530 Report of condition

2530. Report of condition (a) Each licensee shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the Commissioner may prescribe. (b) The report of condition shall include: (1) Financial information at the licensee level. (2) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission. (3) A permissible investments report. (4) Transaction destination country reporting for money received for transmission, if applicable. (5) Any other information the Commissioner reasonably requires with respect to the licensee. The Commissioner is authorized and encouraged to use NMLS for the submission of the report required by this section. (c) The information required by subdivision (b)(4) of this section shall only be included in a report of condition submitted within 45 days after the end of the fourth calendar quarter. Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.

8 V.S.A. § 2531 Audited financials

2531. Audited financials (a) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Commissioner may prescribe, file with the Commissioner: (1) an audited financial statement of the licensee for the fiscal year prepared in accordance with U.S. generally accepted accounting principles; and (2) any other information as the Commissioner may reasonably require. (b) The audited financial statements shall be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Commissioner. (c) The audited financial statements shall include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Commissioner. If the certificate or opinion is qualified, the Commissioner may order the licensee to take any action as the Commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification. Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.

8 V.S.A. § 2532 Authorized delegate reporting

2532. Authorized delegate reporting (a) Each licensee shall submit a report of authorized delegates within 45 days after the end of the calendar quarter. The Commissioner is authorized and encouraged to use NMLS for the submission of the report required by this section provided that such functionality is consistent with the requirements of this section. (b) The authorized delegate report shall include, at a minimum, each authorized delegate’s: (1) company legal name; (2) taxpayer employer identification number; (3) principal provider identifier; (4) physical address; (5) mailing address; (6) any business conducted in other states; (7) any fictitious or trade name; (8) contact person name, phone number, and email; (9) start date as licensee’s authorized delegate; (10) end date acting as licensee’s authorized delegate, if applicable; (11) any administrative, civil, or criminal order against an authorized delegate concerning their activity as an authorized delegate; and (12) any other information the Commissioner reasonably requires with respect to the authorized delegate. Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.

8 V.S.A. § 2533 Change of authorized delegate

2533. Change of authorized delegate A licensee shall notify the Commissioner in writing within 30 days after any change in the list of authorized delegates, identifying the name and street address of each new authorized delegate and of each removed authorized delegate. Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.

8 V.S.A. § 2534 Money laundering reports

2534. Money laundering reports A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely filing of a complete and accurate report required under this section with the appropriate federal agency is deemed compliance with the requirements of this section. Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/08/079Fetched: 10/21/2026