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Can you summarize 8 VTST Chapter 79?
Banking and Insurance > Money Services
Short Summary
This legal document, part of the Vermont Statutes under the Banking and Insurance section, governs money services in Vermont. It applies to licensees and authorized delegates engaged in money services within the state. The document provides definitions for various terms related to money services and outlines their meanings and scope as they apply within the state. It applies to entities engaged in money transmission, sale or issuance of payment instruments or prepaid access, and electronic funds transfer of governmental benefits. However, there are several exemptions to this chapter. The document does not provide specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Licensees and authorized delegates engaged in money services within Vermont
What does it govern?
Money services
What are exemptions?
The United States and its departments, agencies, or instrumentalities; the U.S. Postal Service or its contractors; state, county, city, or any other governmental agency or subdivision; certain financial institutions, credit unions, international banking corporations, foreign banks, corporations organized under the Bank Services Company Act, independent trust companies, corporations organized under the Edge Act, and entities regulated by their home state in an equivalent manner to an independent trust company; board of trade designated as a contract market, registered futures commission merchant, person providing clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration under federal securities laws; persons operating payment systems, contracted service providers, or facilitating payment for goods or services through a clearance and settlement process; persons registered as securities broker-dealers; schools selling prepaid access to students and employees; sellers of goods or services cashing payment instruments; and debt adjusters licensed under chapter 133 of this title when engaged in the business of debt adjustment
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Vermont