§ 2751. Definitions As used in this chapter, “debt adjustment” means making an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor’s creditors in full or partial payment of obligations of the debtor and […]
§ 2752. License No person shall engage in the business of debt adjustment except as authorized by this chapter and without first obtaining a license from the Commissioner. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3.)
§ 2753. Application for license; additional information (a) In addition to the information required by section 2102 of this title, an application for a license under this chapter shall state or contain: (1) A description of any debt adjustment and related services previously provided by the applicant. (2) The debt adjustment and related services that […]
§ 2755. Bond required (a) Each applicant shall submit to the Commissioner, with the application for a license, a bond, in such form as the Commissioner shall direct, in the amount of $50,000.00, or such greater amount as the Commissioner may determine is required by the business circumstances of the applicant. (b) The bond shall […]
§ 2757a. Annual report; additional information In addition to the information required by section 2120 of this title, the annual report shall state or contain: (1) the number of new debt adjustment contracts entered into with Vermont residents during the preceding year, the number of Vermont residents that have completed the debt adjustment contract during […]
§ 2759. Contract with debtor (a) Prior to taking any fee or receiving any compensation, either directly or indirectly, or payment of any sum of money by the debtor, each licensee shall make a written contract between the licensee and the debtor, which contract shall be in such form and shall contain such conditions as […]
§ 2759a. Rescission (a) Debtor’s right to cancel. (1) In addition to any other right to revoke the contract, the debtor may cancel the debt adjustment contract until midnight of the third business day after the date on which the debtor signed the debt adjustment contract. (2) Cancellation occurs when notice of cancellation is given […]
§ 2759b. Cancellation of contract A debtor may cancel a debt adjustment contract at any time without a cancellation premium or penalty. (Added 2003, No. 81 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 3.)
§ 2759c. Periodic statements to debtor Periodically, but not less frequently than quarterly, the licensee shall provide the debtor with a statement showing the payments made by the debtor, how such payments have been distributed, and for each debt covered by the contract: (1) the beginning amount of such debt; (2) the current amount due […]
§ 2760. Separate bank account for the benefit of creditors; books and records (a) Each licensee shall maintain a separate federally insured bank account for the benefit of debtors in which all payments received from debtors for the benefit of creditors shall be deposited and in which all payments shall remain until a remittance is […]
§ 2760a. Timely payments to creditors Licensees shall make payments to creditors in a timely manner at least once every 30 days in accordance with the contract between the licensee and the debtor. (Added 2003, No. 81 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 3.)
§ 2760b. Prohibited activities (a) No person, partnership, association, corporation, or other entity, except a licensee, may make any representation, directly or indirectly, orally or in writing that he, she, or it is licensed under this chapter. (b) No licensee shall advertise its services in any media, whether print or electronic, in any manner that […]
§ 2760c. Financial privacy The licensee shall be subject to and shall comply with subchapter 2 of chapter 200 of this title and any rules or regulations adopted in connection therewith. (Added 2003, No. 81 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 3.)
§ 2761. Examinations The Commissioner shall examine or cause to be examined, with or without notice, the condition and affairs of each licensee under this chapter at least once every three years and otherwise as required or determined by the Commissioner. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 1979, No. 157 […]
§ 2762. Fee of licensee The fee charged by the licensee shall be agreed upon in advance. The fee retained shall in no case exceed a $50.00 initial set up fee plus 10 percent of any payment received by the licensee from the debtor for the purpose of distribution to creditors. (Added 1969, No. 204 […]
§ 2763. Exceptions The provisions of this chapter shall not apply to the following: (1) any attorney admitted to the practice of law in this State, when engaged in such practice; (2) any financial institution as defined in subdivision 11101(32) of this title or a lender licensed under chapter 73 of this title, which performs […]
§ 2764. Private right of action and Consumer Protection Act (a) A consumer may bring a private action against a licensee or any person that should have been licensed under this chapter for restitution because of a violation of this chapter. (b) The powers vested in the Commissioner by this chapter shall be in addition […]
