Debt Adjusters

Applications for Debt Adjuster license must be completed using the forms listed below.  Incomplete applications will not be considered for processing until the required fee and all required submissions have been received by the Vermont Banking Division.   

Jurisdiction Specific Forms:

Reports

Vermont Related/Referenced Statutes & Regulations: 

Who is required to have this license?

  • Any company or person who enters into an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor's creditors in full or partial payment of the obligations of the debtor and includes services as an intermediary between a debtor and one or more of the debtor's creditors for the purpose of obtaining concessions.
  •  Any person soliciting debt adjustment business from within Vermont, whether by mail, by telephone, by electronic means, or by other means regardless of whether the debtor resides within or outside of Vermont.
  • Any person soliciting debt adjustment business with an individual residing in Vermont, whether by mail, by telephone, by electronic means, or by other means. 
  • Any person entering into, or succeeding to, a debt adjustment contract with an individual residing in Vermont.

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Who does not need this license?

The following is a partial list of exceptions.  For a complete list of exceptions, please refer to 8 V.S.A. § 2763

  • Any financial institution
  • A licensed lender under 8 V.S.A. chapter 73 which performs debt adjustment in regular course of its principal business
  • Any attorney admitted to the practice of law in Vermont, when engaged in such practice
  • A certified public accountant licensed in Vermont, when services are rendered in the course of his/her practice as a certified public accountant

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What are the pre-requisites for license application?

Applicant, or any of such members, officers, directors, or persons in control of the applicant, can not have been convicted of a felony or have a record of defaulting in the payment of money collected for others, including the discharge of such debts through bankruptcy proceedings.

Bond amount: $50,000.00, minimum amount.

Registered Agent recorded with the Vermont Secretary of State.

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