The State of Vermont participates in the Nationwide Multistate Licensing System (NMLS). All applications for a lender license must be submitted through NMLS.
Licensed money transmitters are required to report authorized delegate locations using the Uniform Authorized Agent/Delegate Reporting (UAAR) functionality. Additional information regarding UAAR is available at the NMLS Resource Center.
Please direct inquiries to email@example.com.
Frequently Asked Questions
Jurisdiction Specific Forms
New company license applications are required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.
Annual Assessment FY2016 Worksheet and Invoice
Annual Report of Licensee for YE
Money Services Quarterly Activity Reports
Pursuant to Vermont Statutes Annotated, Title 8, Chapter 79, Section 2534(d), the Vermont Department of Department of Financial Regulation requires a quarterly submission of Vermont activity by each licensed Money Servicer (Money Transmitters, Check Cashers & Currency Exchangers) operating in the state of Vermont.
Activity reports should be submitted to the Vermont Banking Division within 30 days of the end of each quarter.
The reports should be in an electronic form (Microsoft Excel preferred) and contain all Vermont activity. The activity reports should at a minimum contain the following:
Money Transmitters: transaction date & time; sender’s name and address; receiver’s name and address; amount transmitted or purchased; fee charged; total transaction amount (including fees); authorized delegate name or identification number; and, other information as required for Bank Secrecy Act recordkeeping.
Check Cashers and Currency Exchangers: transaction date; transaction amount; fees charged; and, other information as required for Bank Secrecy Act recordkeeping.
The reports can be mailed to our offices, or sent via email to firstname.lastname@example.org.
Vermont Related/Referenced Statutes and Regulations
Any company or person who engages in the business of selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location within or outside of the United States.
Any person engaged in check cashing whereby they receive at least $500.00 compensation within a 30-day period, i.e. taking payment instruments or stored value, other than traveler’s checks, in exchange for money, payment instruments, or stored value.
Any person engaged in currency exchange whereby they receive revenues equal to or greater than 5% of total revenues from the exchange of money of one government for the money of another government.
The following is a partial list of exceptions. For a complete list of exceptions, please refer to 8 V.S.A. § 2501
- a financial institution
- the United States Postal Service
- a board of trade designated as a contract market , under the Commodity Exchange Act
- a person that provides clearance or settlement services pursuant to a registeration as a clearing agency under the federal securities laws
- an operator of a payment system that provides processing, clearing, or settlement services, between or among persons licensed as a money servicer or excluded from licensure, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.
- a person registered as a securities broker-dealer under federal or state securities law
- a seller of goods or services that cashes payment instruments incidental to or independent of a sale and does not charge in excess of $1.00 for cashing the payment instrument
- a Vermont licensed debt adjuster
- Money Transmitter - $1,600.00 (includes a $500.00 Licensing Fee, a $1,000.00 Investigation Fee, and $100.00 NMLS Processing Fee)
- Check Cashing and Currency Exchange License - $1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $100.00 NMLS Processing Fee)
Branch registration ( locations owned & operated by the licensee, including limited station and mobile units) - $20.00 NMLS processing fee)
- Corporate licenses - $600.00 (Includes $100 NMLS processing fee)
- Branch licenses - $20.00 NMLS processing fee
- Change in Control: $500.00
Applicant, or any of such members, officers, directors, or persons in control of the applicant, can not have been convicted of a felony or have a record of defaulting in the payment of money collected for others, including the discharge of such debts through bankruptcy proceedings.
Money Transmitter - $100,000.00, minimum amount (the bond amount increases by $10,000.00 per location, not to exceed $500,000.00). Commissioner may increase the amount of security required to a maximum of $2,000,000.00.
Check Casher/Currency Exchanger – No bond requirement.
Registered Agent recorded with the Vermont Secretary of State.