Vermont H 648: An act relating to funding for the Vermont Internet Crimes Against Children (VT-ICAC) Task Force

Bill Text

No. 142 Page 1 of 113
2026

VT LEG #390225 v.1
No. 142. An act relating to banking, insurance, and securities.
(H.648)
It is hereby enacted by the General Assembly of the State of Vermont:
* * * Banking; Financial and Related Services * * *
Sec. 1. 8 V.S.A. § 2102 is amended to read:
§ 2102. APPLICATION FOR LICENSE
(a) Application for a license or registration shall be in writing, under oath
or affirmation, and in the form prescribed by the Commissioner and shall
contain the legal name, any fictitious name or trade name, and the address of
the residence and place of business of the applicant; if the applicant is a
partnership corporation, limited liability company, partnership, or other entity,
the name and title of each key individual and person in control of the applicant;
the county and municipality with street and number, if any, where the business
is to be conducted; and such further information as the Commissioner may
require.
(b) At the time of making an application, the applicant shall pay to the
Commissioner a fee for investigating the application and a license or
registration fee for a period terminating on the last day of the current calendar
year. The following fees are imposed on applicants:
* * *

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VT LEG #390225 v.1
(9) For an application for a consumer litigation funding company
registration license under chapter 74 of this title, $200.00 as a registration
license fee and $300.00 as an application and investigation fee.
* * *
Sec. 2. 8 V.S.A. § 2103 is amended to read:
§ 2103. APPROVAL OF APPLICATION AND ISSUANCE OF LICENSE
(a) Upon the filing of an application, payment of the required fees, and
satisfaction of any applicable bond and liquid asset requirements, the
Commissioner shall issue a license to the applicant if the Commissioner finds:
(1)(A) The financial condition and responsibility, financial and business
experience, competence, character, and general fitness of the applicant
command the confidence of the community; and warrant belief that the
business will be operated honestly, fairly, and efficiently pursuant to the
applicable chapter of this title; and otherwise indicate that it is in the public
interest to permit the applicant to provide services in this State. If the applicant
is a corporation, limited liability company, partnership, or association other
entity, such findings are required with respect to each key individual and each
person in control of the applicant.
(B) For purposes of assessing whether a person is financially
responsible, the Commissioner may consider how the person has managed his
or her the person’s own financial condition, which may include factors such as
whether the person has:

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VT LEG #390225 v.1
(i) current outstanding judgments, except judgments solely as a
result of medical expenses;
(ii) current outstanding tax liens or other government liens and
filings;
(iii) foreclosures within the past three years; or
(iv) a pattern of seriously delinquent accounts within the past three
years.
(2) Allowing the applicant to engage in business will promote the
convenience and advantage of the community in which the applicant will
conduct its business.
(3) The applicant, each key individual, and each person in control of the
applicant has never had a financial services license or similar license revoked
in any governmental jurisdiction, except that a subsequent formal vacation of
such revocation shall not be deemed a revocation.
(4) The applicant, each key individual, and each person in control of the
applicant has not been convicted of, or pled guilty or nolo contendere to, a
felony in a domestic, foreign, or military court:
(A)(i) during the seven-year period preceding the date of the
application for licensing and registration; or
(ii) at any time preceding such date of application, if such felony
involved an act of fraud or dishonesty, a breach of trust, or money laundering;
and

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(B) provided that any pardon or expungement of a conviction shall
not be a conviction for purposes of this subsection.
(5) The applicant has satisfied the applicable surety bond and liquid
asset requirement as follows:
(A) for an application for a lender license, mortgage broker license,
mortgage loan originator license, or loan solicitation license, the applicable
bond and liquid asset requirements of sections 2203 and 2203a of this title;
(B) for an application for a consumer litigation funding company
registration license, the financial stability requirement of section 2252 of this
title;
(C) for an application for a money transmitter license, the net worth
and security requirements of sections 2540 and 2541 of this title;
(D) for an application for a debt adjuster license, the bond
requirement of section 2755 of this title; and
(E) for an application for a loan servicer license, the bond
requirement of sections 2903 and 2907 of this title.
(6) For an application for a mortgage loa