2012 Vermont Statutes
Title 08 Banking and Insurance
Chapter 79 MONEY SERVICES
§ 2516 Application for license

§ 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.)