§ 4863 - Application for license
§ 4863. Application for license
(a) A person applying for a license under this chapter shall do so under oath and in a form and manner prescribed by the commissioner. The application shall state or contain:
(1) the legal name and business address of the applicant, and any fictitious or trade name used by the applicant in conducting its business;
(2) a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application;
(3) a description of any debt adjustment and related services previously provided by the applicant;
(4) the debt adjustment and related services that the applicant seeks to provide in this state;
(5) 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;
(6) a description of the nature and amount of the fees, or the method of calculating the fees, charged to the debtor;
(7) 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;
(8) 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;
(9) 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;
(10) the name and address of the federally insured financial institution through which the applicant maintains a separate account for the benefit of debtors; and
(11) any other information the commissioner requires with respect to the applicant.
(b) If an applicant is a corporation, nonprofit corporation, limited liability company, partnership, or other entity, the applicant shall also provide:
(1) the date of the applicant's incorporation or formation and state or country of incorporation or formation;
(2) if applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed and a certificate of authority to transact business in the state of Vermont;
(3) a brief description of the structure or organization of the applicant, including any parent, subsidiary, or affiliate of the applicant, and whether any parent, subsidiary, or affiliate is publicly traded;
(4) the legal name, any fictitious or trade name, all business and residential addresses, and the employment, in the ten-year period next preceding the submission of the application of each executive officer, manager, director of, or person that has control of, the applicant;
(5) a list of any criminal convictions, material litigation, or disciplinary actions in which any executive officer, manager, director of, or individual in control of, the applicant has been involved in the ten-year period next preceding the submission of the application;
(6) a copy of the applicant's audited financial statements, and a copy of the audited financial statements of any person in control of the applicant, for the most recent fiscal year and, if available, for the two-year period next preceding the submission of the application;
(7) a copy of the applicant's unconsolidated financial statements, and a copy of the unconsolidated financial statements of any person in control of the applicant for the current year, whether audited or not, and, if available, for the two-year period next preceding the submission of the application;
(8) a copy of the applicant's federal tax returns for the two-year period next preceding the submission of the application;
(9) if the applicant or any person in control of the applicant is publicly traded, a copy of the most recent 10-K report filed with the United States Securities and Exchange Commission;
(10) if the applicant is a wholly-owned subsidiary:
(A) a copy of the federal tax return for the parent company for the most recent year;
(B) a copy of audited financial statements for the parent corporation for the most recent fiscal year; and
(C) of a corporation publicly traded in the United States, a copy of the parent corporation's most recent 10-K report filed with the United States Securities and Exchange Commission or, if the applicant is a wholly-owned subsidiary of a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States;
(11) the name and address of the applicant's registered agent in this state; and
(12) any other information the commissioner requires with respect to the applicant or any person in control of the applicant.
(c) The commissioner may waive one or more requirements of subsections (a) and (b) 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.)