§ 2508 - Issuance of license - Vermont Statutes

§ 2508. Issuance of license

(a) Upon the filing of an application under this subchapter, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and any person named in the application. The commissioner may conduct an on-site investigation of the applicant, the cost of which the applicant shall bear in accordance with section 18 of this title. The commissioner shall issue a license to an applicant under this subchapter if the commissioner finds that all of the following conditions have been fulfilled:

(1) the applicant has complied with sections 2506, 2507, and 2510 of this title;

(2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and competence, experience, character, and general fitness of the executive officers, managers, and directors of, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission; and

(3) the applicant has paid the requisite application and license fees.

(b) The commissioner shall approve or deny an application for an original license within 60 days after a complete application is filed, and notify the applicant of the decision in a record. The commissioner for good cause may extend the review period.

(c) An applicant whose application is denied by the commissioner may request that the commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the commissioner's stated reason or reasons for denial. The commissioner shall then reconsider the application in light of the response stated in the request for reconsideration. Within 60 days of filing the request, upon findings as set forth in subsection (a) of this section, the commissioner shall issue the license.

(d) If the commissioner is unable to make findings as set forth in subsection (a) of this section, the commissioner shall not issue a license. Within 60 days of filing of the request for reconsideration, the commissioner shall notify the applicant of the denial, and return to the applicant the bond and the sum paid by the applicant as a license fee, retaining the application fee to cover the costs of investigating the application. The applicant may request review by the superior court in Washington County upon action brought in the usual form by an aggrieved party, within 15 days after written notice of the denial of the request for reconsideration. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)