Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

favicon.ico

favicon-16x16.png

favicon-32x32.png

apple-touch-icon.png

MoFo Favicons

Terms / Notices

Cookies

Privacy Policy

Attorney Advertising

Secure Login

Alumni

  Facebook

MoFo Facebook

  Linkedin

MoFo LinkedIN

Twitter

MoFo Twitter

YouTube

MoFo Youtube

Morrison Foerster - Footer

You have not solved the recaptcha challenge yet or session expired, try again.

Disclaimer

Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

The Banking Department of the Vermont Department of Financial Regulation recently entered into a consent order with a money transmission licensing applicant. The consent order makes it clear that “Vermont does not exempt a payment processor or an agent of a payee from [money transmission] licensure.”

Are You a Money Transmitter in Vermont?

About Morrison Forester

people-default-header-desktop.jpg

people-default-header-mobile.jpg

Default Meta Data

The Banking Department of the Vermont Department of Financial Regulation recently entered into a consent order with a money transmission licensing applicant. The consent order makes it clear that “Vermont does not exempt a payment processor or an agent of a payee from [money transmission] licensure.”Vermont’s position is at odds with the recent trend of state banking departments affirming that payee agency or payment processing transactions involving the sale of goods or services are not money transmission subject to licensing and regulation, provided certain conditions are met. As a result, the Vermont consent order could have far reaching implications for consumers, businesses, and payments companies alike.Read our <a target="_blank" href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt4e43ac892b411cf6/6273ec8d8e09542a15b7f520/180620-money-transmitter-vermont.pdf">client alert</a>.