§ 2110. Revocation, suspension, termination, or nonrenewal of license; cease and desist orders
(a) The Commissioner may deny, suspend, terminate, revoke, condition, or refuse to renew a license or order that any person or licensee cease and desist in any specified conduct if the Commissioner finds:
(1) the licensee failed to pay the renewal of license fee or an examination fee as provided in this part, or to maintain in effect the required liquid assets or the bond or bonds required under the provisions of this part, or to file any annual report or other report, or to comply with any lawful demand, ruling, or requirement of the Commissioner;
(2) the licensee violated any applicable provision of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any rule, order, or directive, adopted pursuant to those provisions;
(3) the licensee engages in fraud, intentional misrepresentation, or gross negligence;
(4) the licensee engages in an unsafe or unsound practice;
(5) subsequent to the date of application, the licensee is convicted of, or pleads guilty or nolo contendere to, a felony in a domestic, foreign, or military court;
(6) the financial condition and responsibility, financial and business experience, competence, character, or general fitness of the licensee, person in control of a licensee, or key individual does not command the confidence of the community; does not warrant belief that the business will be operated honestly, fairly, and efficiently pursuant to the applicable chapter of this title; or otherwise indicates that it is not in the public interest to permit the person to provide services in this State;
(7) the licensee fails to continue to meet the initial licensing requirements of this title, or withholds information, or fails to cooperate with an examination or investigation, or makes a material misstatement in a license application, license renewal, or any document submitted to the Commissioner or to the Nationwide Multistate Licensing System and Registry;
(8) any cause for which issuance of the license could have been refused had it then existed and been known to the Commissioner at the time of issuance, including unconscionable conduct that takes advantage of a borrower’s lack of bargaining power or lack of understanding of the terms or consequences of the transaction;
(9) the licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money, is insolvent, suspends payment of its obligations, or makes an assignment for the benefit of its creditors; or
(10) a money transmission licensee does not remove an authorized delegate after the Commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this part.
(b) The Commissioner may issue orders or directives to any person:
(1) to cease and desist from conducting business;
(2) to cease any harmful activities or violations of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any order, directive, or rule adopted pursuant to those provisions;
(3) to cease business under a license or any conditional license if the Commissioner determines that such license was erroneously granted or the licensee is currently in violation of this part; chapter 200 of this title; 9 V.S.A. chapter 4, 59, or 61; or any order, directive, or rule adopted pursuant to those provisions;
(4) enjoining or prohibiting any person from engaging in the financial services industry in this State;
(5) to remove any officer, director, employee, key individual, or person in control; or
(6) regarding any other action or remedy as the Commissioner deems necessary to carry out the purposes of this part.
(c) The Commissioner shall provide not less than 15 days’ notice and an opportunity to be heard before he or she issues an order or directive pursuant to subsection (b) of this section. Mailing notice to the licensee’s current address as stated on the license shall be presumptive evidence of its receipt by the licensee. However, if the Commissioner finds that the public safety or welfare imperatively requires emergency action, action with no prior notice or prior opportunity to be heard may be taken, pending proceedings for revocation or other action.
(d)(1) If the Commissioner refuses to renew a license, then not later than 15 days after the date the renewal request is refused, the licensee may request that the Commissioner reconsider the renewal request.
(2) The licensee shall submit the licensee’s request in writing and shall respond specifically to the Commissioner’s stated reason or reasons for refusing the renewal request.
(3) The Commissioner shall reconsider the renewal request in light of the licensee’s request for reconsideration and response and shall issue a decision pursuant to the standards in subsection (a) of this section not later than 60 days after the date of the request.
(4) The licensee may appeal the Commissioner’s decision by filing an action in the Civil Division of the Superior Court of Washington County not later than 15 days after the date of the Commissioner’s decision. (Added 2019, No. 20, § 2; amended 2023, No. 110 (Adj. Sess.), § 35, eff. July 1, 2024; 2025, No. 142 (Adj. Sess.), § 5, eff. July 1, 2026.)