V.S.A. tit. 8, ch. 79, subch. 2 — Money Transmission Licenses | Vermont Statutes Annotated (through the 2026 session) — Vermont

8 V.S.A. § 2505 License required

2505. License required (a) A person shall not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission, unless the person is licensed under this subchapter. (b) Subsection (a) of this section does not apply to: (1) a person that is an authorized delegate of a person licensed under this subchapter acting within the scope of authority conferred by a written contract with the licensee; or (2) a person that is exempt pursuant to section 2504 of this chapter and does not engage in money transmission outside the scope of such exemption. Added 2023, No. 110 (Adj. Sess.), § 40, eff. July 1, 2024.

8 V.S.A. § 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 Vermont 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; (4) information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee; (5) a sample form of contract for authorized delegates, if applicable; (6) a sample form of payment instrument or instrument upon which stored value is recorded, as applicable; and (7) the name and address of any financial institution or credit union through which the applicant plans to conduct money services. (b) For good cause shown and consistent with the purposes of this section, 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 2023, No. 110 (Adj. Sess.), § 40, eff. July 1, 2024; amended 2025, No. 142 (Adj. Sess.), § 10, eff. July 1, 2026.

8 V.S.A. § 2507 Money transmission kiosk registration

2507. Money transmission kiosk registration (a) A licensee shall not locate, or allow a third party to locate, a money transmission kiosk in this State through which money transmission is offered, facilitated, or engaged in, in whole or in part, directly or indirectly, by or on behalf of the licensee unless the licensee registers the money transmission kiosk and obtains the prior approval of the Commissioner for its activation. (b) To apply for registration and approval to activate a money transmission kiosk, a licensee shall submit an application, using a form prescribed by the Commissioner, that includes the ownership and location of the money transmission kiosk, an affidavit of all businesses and services to be offered at the kiosk, the written agreement between the licensee and the owner of the money transmission kiosk if different persons, and the text of each disclosure required pursuant to subsection (c) of this section along with a description of the form, timing, and location for each disclosure. (c) Each money transmission kiosk shall disclose prominently and conspicuously, using as high a contrast or resolution as any other display or graphics on the money transmission kiosk, prior to the point at which a user of the money transmission kiosk is irrevocably committed to completing any transaction: (1) on or at the location of the money transmission kiosk, or on the first screen of such kiosk, the name, address, telephone number, and Vermont license number of the licensee and the days, time, and means by which a consumer can contact the licensee for consumer assistance; and (2) on the screen of the money transmission kiosk, the amount of the fees or charges that will be assessed to the user of the money transmission kiosk for the transaction by the licensee and by the owner of the money transmission kiosk, a clear explanation of who is imposing each fee or charge and that such fees and charges are in addition to any fees or charges that may be imposed by other entities relevant to the particular transaction, and the method by which the user may cancel the transaction to avoid the imposition of fees or charges. (d) Any alterations in the form, content, timing, or location of previously approved disclosures must be submitted to and approved by the Commissioner prior to their adoption and use. (e) To ensure adequate consumer protection, the Commissioner may by rule or order specify additional minimum disclosure standards for money transmission kiosks, including the form, content, timing, and location of such disclosures. (f) Immediately following the completion of each transaction, each money transmission kiosk shall provide the user of the money transmission kiosk with a receipt that is compliant with sections 2562 and 2574 of this chapter as applicable to the particular transaction. Added 2023, No. 110 (Adj. Sess.), § 40, eff. July 1, 2024; amended 2025, No. 142 (Adj. Sess.), § 11, eff. July 1, 2026.