Vermont § 2503 - Definitions As used in this chapter:

§ 2503. Definitions As used in this chapter:

• (1) “Authorized delegate” means a person a licensee designates to engage in money transmission
  on behalf of the licensee. (2) “Average daily money transmission liability” means the amount of the licensee’s outstanding
  money transmission obligations in this State at the end of each day in a given period
  of time, added together, and divided by the total number of days in the given period
  of time. For purposes of calculating average daily money transmission liability under
  this chapter for any licensee required to do so, the given periods of time shall be
  the quarters ending March 31, June 30, September 30, and December 31. (3) “Bank Secrecy Act” means the Bank Secrecy Act, 31 U.S.C. § 5311 et seq. and its implementing regulations, as may be amended. (4) “Check cashing” means receiving at least $500.00 compensation within a 30-day period
  for taking payment instruments or stored value, other than traveler’s checks, in exchange
  for money, payment instruments, or stored value delivered to the person delivering
  the payment instrument or stored value at the time and place of delivery without any
  agreement specifying when the person taking the payment instrument will present it
  for collection. (5) “Closed loop stored value” means stored value that is redeemable by the issuer only
  for goods or services provided by the issuer or its affiliate or franchisees of the
  issuer or its affiliate, except to the extent required by applicable law to be redeemable
  in cash for its cash value. (6) “Control of virtual currency,” when used in reference to a transaction or relationship
  involving virtual currency, means the power to execute unilaterally or prevent indefinitely
  a virtual currency transaction. (7) “Currency exchange” means receipt of revenues equal to or greater than five percent
  of total revenues from the exchange of money of one government for money of another
  government. (8) “Eligible rating” shall mean a credit rating of any of the three highest rating categories
  provided by an eligible rating service, whereby each category may include rating category
  modifiers such as “plus” or “minus” for S&P, or the equivalent for any other eligible
  rating service. Long-term credit ratings are deemed eligible if the rating is equal
  to A- or higher by S&P, or the equivalent from any other eligible rating service.
  Short-term credit ratings are deemed eligible if the rating is equal to or higher
  than A-2 or SP-2 by S&P, or the equivalent from any other eligible rating service.
  In the event that ratings differ among eligible rating services, the highest rating
  shall apply when determining whether a security bears an eligible rating. (9) “Eligible rating service” shall mean any Nationally Recognized Statistical Rating
  Organization (NRSRO) as defined by the U.S. Securities and Exchange Commission, and
  any other organization designated by the Commissioner by rule or order. (10) “In this State” means at a physical location within Vermont for a transaction requested
  in person. For a transaction requested electronically or by phone, the provider of
  money transmission may determine if the person requesting the transaction is “in this
  State” by relying on other information provided by the person regarding the location
  of the individual’s residential address or a business entity’s principal place of
  business or other physical address location, and any records associated with the person
  that the provider of money transmission may have to indicate such location, including
  an address associated with an account. (11) “Licensee” means a person licensed under this chapter. (12) “Limited station” means private premises where a check casher is authorized to engage
  in check cashing for not more than two days of each week solely for the employees
  of the particular employer or group of employers specified in the check casher license
  application. (13) “Mobile location” means a vehicle or a movable facility where check cashing occurs. (14) “Monetary value” means a medium of exchange, whether or not redeemable in money. (15) “Money” means a medium of exchange that is issued by the United States or a foreign
  government. The term includes a monetary unit of account established by an intergovernmental
  organization or by agreement between two or more governments. (16) “Money services” means money transmission, check cashing, or currency exchange. (17)(A) “Money transmission” means any of the following: