§ 2509 - Renewal of license and annual report - Vermont Statutes

§ 2509. Renewal of license and annual report

(a) A licensee under this subchapter shall pay an annual license renewal fee of $500.00 no later than December 1 for the next succeeding calendar year.

(b) A licensee under this subchapter shall submit an annual report, on or before April 1 for the preceding calendar year, in a form and in a medium prescribed by the commissioner. The annual report shall state or contain:

(1) a copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly-owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee's most recent audited consolidated annual financial statement;

(2) the number of payment instruments and stored-value obligations sold by the licensee in this state that have not been previously included in an annual report, the monetary amount of those instruments, and the monetary amount of those instruments currently outstanding;

(3) a description of each material change in information submitted by the licensee in its original license application that has not been previously reported to the commissioner on any required report;

(4) a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments according to the requirements set forth in sections 2540 and 2541 of this title;

(5) proof that the licensee continues to maintain adequate security as required by section 2507 of this title;

(6) a list of the locations in this state where the licensee or an authorized delegate of the licensee engages in money transmission or provides other money services; and

(7) any other information the commissioner may require.

(c) If a licensee does not file an annual report on or before April 1, or pay its renewal fee by December 1, or within any extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. The licensee's license shall be suspended 10 calendar days after the commissioner sends the notice of suspension. The licensee has 20 days after its license is suspended in which to file an annual report or pay the renewal fee, plus $100.00 for each day after suspension that the commissioner does not receive the annual report or the renewal fee. The commissioner for good cause may grant an extension of the due date of the annual report or the renewal date.

(d) The commissioner may require more frequent reports from any licensee for the purpose of determining the adequacy of the licensee's security. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2003, No. 105 (Adj. Sess.), § 12; 2007, No. 49, § 2.)