Vermont Statutes Title 8 Sec. 2753
Terms Used In Vermont Statutes Title 8 Sec. 2753
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- 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 includes services as an intermediary between a debtor and one or more of the debtor's creditors for the purpose of obtaining concessions. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 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 the applicant seeks to provide in this State.
(3) A description of how the applicant will market its services, along with copies of all scripts, mailings, advertisements, and other marketing materials, provided that submission of these materials shall not waive any legal claim the State may have with respect to the content or use of the materials.
(4) A description of the nature and amount of the fees, or the method of calculating the fees, charged to the debtor.
(5) A list of the applicant’s locations in this State and outside this State where the applicant proposes to engage Vermont residents in debt adjustment services.
(6) A list of other states in which the applicant is licensed to engage in debt adjustment services and information concerning any bankruptcy or receivership proceedings affecting the licensee, and any license revocations, suspensions, or criminal or disciplinary action taken against the applicant in other states.
(7) A blank copy of the contract the applicant intends to use. The applicant shall notify the Commissioner of all changes and amendments thereto. The terms and conditions of all contracts shall be subject to prior approval by the Commissioner.
(8) The name and address of the federally insured financial institution through which the applicant maintains a separate account for the benefit of debtors.
(b) The Commissioner may waive one or more requirements of this section or permit an applicant to submit substituted information in lieu of the required information. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2009, No. 137 (Adj. Sess.), § 3; 2011, No. 78 (Adj. Sess.), § 20, eff. April 2, 2012; 2019, No. 20, § 67.)