Vermont § 2507 - Money transmission kiosk registration

§ 2507. Money transmission kiosk registration

• (a) A licensee shall not locate, or allow a third party to locate, a money transmission
  kiosk in this State that allows users of the money transmission kiosk to engage in
  money transmission through the licensee unless the licensee registers the money transmission
  kiosk and obtains the prior approval of the Commissioner for its activation. (b) To apply for registration and approval to activate a money transmission kiosk, a licensee
  shall submit an application, using a form prescribed by the Commissioner, that includes
  the ownership and location of the money transmission kiosk, an affidavit of all businesses
  and services to be offered at the kiosk, the written agreement between the licensee
  and the owner of the money transmission kiosk if different persons, and the text of
  each disclosure required pursuant to subsection (c) of this section along with a description
  of the form, timing, and location for each disclosure. (c) Each money transmission kiosk shall disclose prominently and conspicuously, using
  as high a contrast or resolution as any other display or graphics on the money transmission
  kiosk, prior to the point at which a user of the money transmission kiosk is irrevocably
  committed to completing any transaction: (1) on or at the location of the money transmission kiosk, or on the first screen of such
  kiosk, the name, address, and telephone number of the owner of the kiosk and the days,
  time, and means by which a consumer can contact the owner for consumer assistance;
  and (2) on the screen of the money transmission kiosk: (A) for a transaction that does not involve virtual currency, the amount of the fees or
  charges that will be assessed to the user of the money transmission kiosk for the
  transaction by the licensee and by the owner of the money transmission kiosk, a clear
  explanation of who is imposing each fee or charge and that such fees and charges are
  in addition to any fees or charges that may be imposed by other entities relevant
  to the particular transaction, and the method by which the user may cancel the transaction
  to avoid the imposition of fees or charges; and (B) for a transaction that involves virtual currency, all disclosures required pursuant
  to subsection 2574(c) of this chapter, a clear explanation of who is imposing each
  consideration to be charged for the transaction, and that such consideration is in
  addition to any fees or charges that may be imposed by other entities relevant to
  the particular transaction, and the method by which the user may cancel the transaction
  to avoid the imposition of the consideration and other fees or charges. (d) Any alterations in the form, content, timing, or location of previously approved disclosures
  must be submitted to and approved by the Commissioner prior to their adoption and
  use. (e) To ensure adequate consumer protection, the Commissioner may by rule or order specify
  additional minimum disclosure standards for money transmission kiosks, including the
  form, content, timing, and location of such disclosures. (f) Immediately following the completion of each transaction, each money transmission
  kiosk shall provide the user of the money transmission kiosk with a receipt that is
  compliant with sections 2562 and 2574 of this chapter as applicable to the particular
  transaction. (Added 2023, No. 110 (Adj. Sess.), § 40, eff. July 1, 2024.)