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Vermont Disclosure Form - Amount to Be Financed in a Motor Vehicle Retail Installment Contract (Effective April 1, 2017)

Regulation
Saturday, April 1, 2017
B-2016-01
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/B-2016-01.pdf

 

REGULATION B-2016-01

 

Vermont Disclosure Form - Amount to Be Financed in a Motor Vehicle Retail Installment Contract

 

Section 1. Authority and Scope

1.1 This regulation is promulgated pursuant to the authority granted by 8 V.S.A. § 15 and 9 V.S.A. § 2355(f)(l )(J).

1.2 This regulation shall apply to all motor vehicle retail installment transactions governed by Title 9 V.S.A. Chapter 59.

 

Section 2. Purpose

2.1 The Vermont Disclosure Form ("Disclosure Form") required by 9 V.S.A. 2355 (f)(l)(J), must include the "amount financed on the motor vehicle retail installment contract as a percentage of the cash price of the vehicle." The purpose of the Disclosure Form is to inform consumers of the impact of adding negative equity to a motor vehicle retail installment contract. However, this Disclosure Form is required in connection with every motor vehicle retail installment contract regardless of whether or not the transaction involves negative equity.

2.2 The purpose of this regulation is to modify the current version of the Vermont Disclosure Form to clarify the meaning and calculation of the "Cash Price" and the "cash price of the vehicle" (or "Vehicle Price") for purposes of the Disclosure Form.

2.3 The Federal Truth in Lending Act, implemented by Regulation Z, defines "Cash Price" to be "the price at which a creditor, in the ordinary course of business, offers to sell for cash property or service that is the subject of the transaction. At the creditor's option, the term may include the price of accessories; services related to the sale; service contracts; and taxes and fees for license, title, and registration." 12 CFR Part 1026.2(a)(9).

A motor vehicle dealer may calculate the Cash Price on the motor vehicle retail installment contract in a manner consistent with Regulation Z. However, to fulfill the purpose of the Vermont Disclosure Form, Optional Items that may be included in the Cash Price under Regulation Z must be deducted in order to ensure that the amount financed as a percentage of the Vehicle Price is calculated on a consistent basis.

Therefore, when calculating the amount financed on the motor vehicle retail installment contract as a percentage of the Vehicle Price for purposes of the Disclosure Form, the "Cash Price" as it appears on the motor vehicle retail installment contract must be adjusted by subtracting any optional costs of services related to the sale; service contracts; and taxes and fees for license, title, and registration. By removing the Optional Items that creditors are allowed to include in the Cash Price under Regulation Z, the Vehicle Price on the Disclosure Form accurately reflects negative equity being financed.

 

Section 3. Definitions

3. 1 "Cash Price" means the minimum price for which the motor vehicle, including accessories, subject to the retail installment contract or another motor vehicle of like kind and quality, including similar accessories, may be purchased for cash from the seller by the buyer. 9 V. S.A. § 2351(6). If the dealer charges a documentation fee, it must be included in the cash price.

3.2 "Maintenance Agreement" means a contract of limited duration that provides for scheduled maintenance only. 8 V.S.A. § 4247.

3.3 "Optional Items",means those items that may be included in the Cash Price under Regulation Z and the Truth in Lending Act. .This includes services related to the sale, service contracts, purchase and use tax, and fees for license, title and registration. Accessories may also be included in the Cash Price but are not excluded from the Vehicle Price and therefore are not included in the definition of Optional Items.

3.4 "Service Contract" means any contract or agreement to perform or indemnify for a specific duration the repair, replacement, or maintenance of property for operational or structural failure due to a defect in materials, workmanship, or normal wear and tear, with or without additional provisions for incidental payment of indemnity under limited circumstances, including towing, rental, and emergency road service. 8 V.S.A. § 4247.

3.5 "Vehicle Price" means the Cash Price minus any Optional Items included in the Cash Price under Regulation Z. Vehicle Price is equivalent to the "cash price of the vehicle" [as referenced in 9 V.S.A. § 2355(f)( l )(J)] to be used when calculating the amount financed as a percentage of the cash price of the vehicle for purposes of the Disclosure Form.

3.6 "Warranty" means a warranty made solely by the manufacturer, importer, or seller of property or services, without charge, that is not negotiated or separated from the sale of the product and is incidental to the sale of the product, and that guarantees indemnity for defective parts, mechanical or electrical breakdown, labor, or other remedial measures, such as repair or replacement of the property or repetition of services. 8 V.S.A. § 4247.

 

Section 4. Calculation of Cash Price

4.1 Multiple forms of motor vehicle retail installment contracts are in use in Vermont. Depending upon the form used or the practices and procedures of a particular dealer, the components of Cash Price may vary. Consistent with Regulation Z, Optional Items may be included in the Cash Price on the motor vehicle retail installment contract. By definition, a Warranty, if app'licable, is included in the Cash Price because the cost of a warranty is incorporated into the product pricing and cannot be separated from the sale of the product.

4.2 The Cash Price may not include any insurance, debt cancellation agreements, or similar agreements or contracts. The Cash Price must be consistent on all forms relating to any given transaction wherever the term is used. Regardless of a particular dealer's practices and procedures, the Cash Price on the retail installment contract will also be the Cash Price on the Disclosure Form and the Cash Price on the Department of Motor Vehicles Dealer's Vehicle (Inventory) Record.

4.3 When manufacturer rebates are disclosed on the motor vehicle retail installment contract but are not used to reduce the Cash Price, they must be deducted from the Cash Price on the Disclosure Form to ensure consistent negative equity calculations.

 

Section 5. Content of Disclosure

5.1 If the method of calculating the Cash Price includes Optional Items, the Disclosure Form requires that they be itemized and then deducted from the Cash Price to reach the Vehicle Price. The line labeled "Other" provides a space for additional items that are permitted in the Cash Price under federal law but must be deducted to reach the Vehicle Price, for example, in the event that a consumer purchases two types of service contracts, the "Other" line may be used so that each can be itemized.

5.2 Section 2 of the Disclosure Form discloses the amount financed as a percentage of the Vehicle Price for purposes of determining whether or not negative equity is being financed in the transaction.

 

Section 6. Form of Disclosure

6.1 The Disclosure Form shall be printed on a separate sheet of paper that is easily distinguished from all other disclosures, applications, or other documents presented to the buyer of the motor vehicle. A copy of the completed Disclosure Form must be given to the buyer(s). The Disclosure Form shall be printed in a size equal to at least 12-point type.

 

Section 7. Delivery of Disclosure

7.1 The Disclosure Form is required to be delivered with every motor vehicle retail installment contract regardless of whether or not the transaction involves negative equity.

7.2 The Disclosure Form shall be attached to and shall become part of the motor vehicle retail installment contract and must be assigned, sold, or transferred together with any assignment, sale, or transfer of the motor vehicle retail installment contract to which it was originally related.

7.3 Section 2355(f)(l)(J) of Title 9 requires a motor vehicle dealer to provide to the buyer(s) an unexecuted copy of the Disclosure Form prior to consummation of the transaction and requires that the Disclosure Form be signed by the buyer(s).

 

Section 8. Requirements of the Retail Installment Contract

8.1 The method of calculating the Cash Price may impact the retail installment contract. Optional Items that may be included in the Cash Price must be itemized on the retail installment contract as required by 9 V.S.A. § 2355. Specifically, these items include the cost of service contracts and the amount of all official fees, which the Department interprets to include the purchase and use tax. In order to reconcile these two requirements, if Optional Items are included in the Cash Price, the creditor must itemize the amounts attributed to these Optional Items on the retail installment contract in a conspicuous manner so that the borrower is aware of the Optional Items that are included in the Cash Price .

 

Section 9. Effective Date

9.1 This regulation shall take effect on April 1, 2017.

Advertising and Social Media

Bulletin
Wednesday, October 26, 2016
Banking Bulletin #44
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Banking%20Bulletin%20No%2044.pdf

 

BANKING BULLETIN NO. 44

October 26, 2016

ADVERTISING AND SOCIAL MEDIA

This bulletin provides guidance regarding advertising for any person that is licensed as a mortgage loan originator.

Background

Section 2244 of the Vermont Licensed Lenders Act, 8 V.S.A. Chapter 73, requires any person originating a residential mortgage loan or engaging in the business of lending or acting as a mortgage broker or sales finance company to clearly show the person’s unique identifier issued by the Nationwide Multistate Licensing System (NMLS ID) on all loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents.

The NMLS ID is a unique number issued to a single individual or legal entity. It is not issued to a group of individuals or a family of affiliates. An individual’s NMLS ID correlates to a mortgage loan originator license.

In addition, no licensee may transact business or make loans using any other name or at any other place of business than that named on the license. 8 V.S.A. § 2228. Each license that is issued authorizes the licensee to transact business using a designated name at a designated location.

Guidance

Any advertisement, regardless of medium, that identifies an individual as a mortgage loan originator or engaged in mortgage activity must clearly display the individual’s NMLS ID in a manner no less prominent than the individual’s title or activity. Example: Jane A. Smith, Mortgage Loan Professional, NMLS ID 11223344. This guidance also applies to any other document or correspondence, including business cards and email signatures.

If an individual’s advertisement identifies the sponsoring licensee’s name, it must include the sponsoring licensee’s NMLS ID. Example: Jane A. Smith, Mortgage Loan Professional, NMLS ID 11223344, Gray Granite Mortgage Company, NMLS ID 998877.

Any name that is displayed in an advertisement must be properly licensed and appear exactly as it is stated on the license certificate. If a licensee uses a name other than its legal name, such as “The Jane Doe Team” or “John Smith & Company,” the sponsoring licensee must obtain an additional license to use the other name for each location where it intends to transact business using the other name.

Any address that is displayed in an advertisement must be a licensed location and be the same address that appears on the license certificate.

A licensee, especially a licensee that employs and sponsors mortgage loan originators, is responsible for oversight to ensure compliance with Vermont law. Appropriate oversight includes the following:

1) Establish a policy for sponsored mortgage loan originators to provide guidance for advertising and promotional activities including, but not limited to, business cards, email signatures, websites, and social media.

2) Review all advertisements before publication and monitor periodically to ensure continued compliance.

3) Provide advertising requirements to third parties that publish advertisements, i.e. Picket Fences, and design websites or provide platforms, i.e. Facebook or LinkedIn, and follow up to confirm compliance before advertisements or products are placed into production.

Automated Teller Machine Disclosures

Bulletin
Thursday, July 14, 2016
Banking Bulletin #43
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Bulletin%20%2343_ATM.pdf

 

BANKING BULLETIN NO. 43 (Replaces Banking Bulletin No. 21)

July 14, 2016

AUTOMATED TELLER MACHINE DISCLOSURES

This bulletin withdraws and replaces Banking Bulletin No. 21 issued on May 27, 1998.

Attached is a copy of Title 8 Vermont Statutes Annotated § 10302, Automated Teller Machine (ATM) which was revised May 13; 2013 [8 V.S.A. § 10302 was formerly codified at 8 V.S.A. § 510, which was signed into law on April 16, 1998]. Under the law, all ATM or other remote service unit owners ("Terminal Owners"), must provide certain disclosures at each terminal location subject to approval by the Commissioner relative to the form, content, timing and location.

Each Terminal Owner must provide a prominent and conspicuous disclosure on or at the location of each ATM or on the first screen of each ATM that can be clearly viewed by the cardholder using the terminal in as high a contrast or resolution as any other display or graphics on or near the Terminal. A title on the disclosure must notify the cardholder of an impending fee (e.g. FEE NOTICE). The contents of such disclosure, at a minimum, must include the following information:

1. Name, address and telephone number of the Terminal Owner;

2. The days, times and means by which a cardholder can contact the Terminal Owner for consumer assistance; and

3. The amount of the fees or charges which the Terminal Owner will assess to the consumer for use of the machine.

In addition, by means of a display on the screen of each terminal at a point in the transaction process that permits the cardholder to cancel the transaction prior to the completion (or by means of a sign placed on the terminal in a manner clearly visible to the cardholder if the terminal does not have a screen), the Terminal Owner must provide:

1. A clear explanation that a surcharge is being imposed in connection with the cardholder' s transaction by the Terminal Owner and not the issuer of the card, and that the surcharge is an additional fee that will be deducted from the cardholder' s account, in addition to any fee that may be imposed by the issuer of the card;

2. The amount of the surcharge that will be imposed in connection with the transaction; and

3. The method by which the cardholder may cancel the transaction to avoid imposition of the surcharge.

Each Terminal Owner is required to submit the following information to the Commissioner for approval prior to the activation of each terminal:

1. The location of the terminal;

2. Samples of all disclosures to be used in compliance with Section 10302;

3. A script of the on-screen disclosures to be used (or copy of the sign to be used if the terminal does not have a screen); and

4. Detailed description of where and how such disclosures shall be made to the cardholder.

Failure to obtain the Commissioner's approval of the disclosures prior to the activation of a terminal may lead to the imposition of sanctions. A suggested format for reporting the location of a terminal and the disclosures utilized at each location is attached.

Requirements in this Bulletin may be amended from time to time.

 

VERMONT STATUTES ANNOTATED

Title 8 § 10302. Automated teller machines

(a) The owner of an automated teller machine or other remote service unit, including a cash dispensing machine, located or employed in this State shall prominently and conspicuously disclose on or at the location of each such machine or on the first screen of each such machine the identity, address, and telephone number of the owner and the availability of consumer assistance. The owner shall also disclose on the screen of such machine or on a paper notice issued from the machine the amount of the fees or charges which the owner will assess to the consumer for the use of that machine. The amount of the fees or charges shall be disclosed before the consumer is irrevocably committed to completing the transaction. The Commissioner shall approve the form, content, timing, and location of such disclosures and any amendments thereto prior to use. The Commissioner shall act on any submission made under this section within 30 days of receipt. Ifthe Commissioner determines that any disclosures do not provide adequate consumer protection, the Commissioner may by order or by rule specify minimum disclosure standards, including the form, content, timing, and location of such disclosures. The Commissioner may impose on the owner of an automated teller machine or other remote service unit an administrative penalty of not more than $1,000.00 for each day's failure of the owner toapply to the Commissioner for approval of disclosures required under this section, for each day's failure of the owner to use disclosures approved by the Commissioner, or for each day's continuing violation of an order of the Commissioner relating to the disclosures required by this section.

(b) In addition to an automated teller machine or other remote service unit owned by a financial institution or credit union, the provisions of this section shall apply to any automated teller machine or other remote service unit not owned by a financial institution or credit union, except it shall not include a point-of-sale terminal owned or operated by a merchant who does not charge a fee for the use of the point-of-sale terminal. The activities of an automated teller

machine or other remote service unit whose owner is not a financial institution shall be limited to cash dispensing or the offer or sale of nonbanking services and products. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2013, No. 29, § 16, eff. May 13, 2013.)



AUTOMATED TELLER MACHINE NOTIFICATION & DISCLOSURE

DATE: --------

1. OWNER OF ATM TERMINAL

Name:

Address :

 Contact: Telephone No.:                                Extension:

1. CUSTOMER SERVICE CONTACT

Name: Telephone No.:                                   Extension:

2. DISCLOSURES Attach the following:

1. Sample of all disclosures to be used in compliance with 8 V.S.A. § 10302

2. Script othe on-screen disclosure to be used (or copy of the sign to be used if the terminal does not have a screen)

3. LOCATION OF ATM/TERMINAL

Street Address :

PMAC Lending Services, Inc

Order
Thursday, June 30, 2016
Docket No. 16-013-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Docket%2016-013-B_PMAC.pdf

 

Docket No. 16-013-B

In Re: PMAC LENDING SERVICES, INC. NMLS # 167441

 

STIPULATION AND CONSENT AGREEMENT

Background

The Banking Division of the Vermont Department of Financial Regulation ("Department") and PMAC Lending Services, In c. ("PMAC") stipulate and agree:

1 . Pursuant to the authority contained in 8 V.S.A. §§ 10-1 3, 15 and Chapters 73 and 85, the Commissioner of the Department ("Com missioner") is charged with enforcing the banking laws of the State of Vermont.

2. PMAC Lendin g Services, Inc. ("PMAC") is a California Corporation that was issued Vermont lender license no. 6490 for a location at 15325 Fairfield Ranch Road, Suite 125, Chino Hi l ls, California 91709. PMAC was also issued Vermont loan servicer license no. 167441 -1 for a location at 1 5325 Fairfield Ranch Road, Suite 125, Chino Hills, California 91 709.

3. PM AC acknowledges and admits the jurisdiction of the Commissioner over the subject matter of this Stipulation and Consent Agreement.

4. Pursuant to 8 V.S.A. § 291 5, a violation of Chapter 85 may subject a violator to an administrative penalty of up to $10,000 for each violation.

5. Each licensee must renew its license and pay the annual renewal fee on or before December 1 of each year. 8 V.S.A. § 2209 and § 291 0.

6. To qualify for renewal, a licensed lender must continue to meet the standards for license issuance under 8 V.S.A. § 2204 and maintain with the Commissioner a bond in theamount and of the character required by 8 V.S.A. § 2203 or § 2207.

7. To qualify for renewal, a loan servicer must continue to meet the standards for license issuance under 8 V.S.A. § 2904 and main tai n wit h the Commissioner a bond in the amount and of the character required by 8 V.S.A. § 2903 or § 2907.

8. Each license must state the address at which the business is to be conducted. 8 V.S.A. § § 2206, 2906. Licensees are requi red to notify the Commissioner of a change of address so that the license reflects the operating address. 8 Y.S.A. § 2208(b).

9. Licensees must file and maintain a bond in a form and substance approved by the Commissioner. 8 V.S.A. §§ 2203, 2903. The bond must include the address(es) at which the business is to be conducted.

10. PM AC renewed both its lender license and its loan servicer license and paid the annual renewal fees on or before December 1; however, the renewal was placed on hold due to outstanding license items needed to com ply with the renewal requirements .

11 . On September 2, 201 5 PMAC submitted an advance change not ice through the Nationwide Multistate Licensing System (NM LS) to change its corporate address from 1 5325 Fairfield Ranch Road, Suite 125, Chino Hills, California 91709 to 121 05 Paramount Blvd., Downey, California 90242, effective November 2, 201 5. At that time, PM AC was notified that the address change was not approved i n Vermont because PM AC had not provided evidence of new surety bonds or surety bond riders with the updated address as required by 8 V.S.A. §§ 2203, 2903.

12. Due to PM AC's fail u re to provide a surety bond with t he updated address, a condition of licensure, the Department initiated an administrative proceeding to refuse to renew and to terminate PM AC's lender license and loan service license.

13. PM AC subsequently surrendered it Vermont lender license. PMAC wants to retain its Vermont loan servicer license.

14. The Depa rtment and PMAC expressly agree to enter into t h is Stipulation and Consent Agreement (or "Agreement") in full and complete resolution of the alleged violation.

 

Stipulation and Agreement

1 . PMAC has been made aware that the Department may proceed with the administrative action against it for the violations set forth herein and seek appropriate relief pursuant to the Department’s statutory authority.

2. PMAC has agreed to enter into this Stipulation and Consent Agreement with the Department on the term s and conditions hereinafter set forth in lieu of proceeding with a hearing.

3. PMAC waives its right to a hearing before the Com missioner or the Commissioner's designee, and all other procedures otherwise available under Vermont law, the rules of the Department, the provisions of chapter 25 of Title 3 regarding contested cases, or any right it may have to judicial review by any court by way of suit, appeal, or extraordinary remedy with respect to the term s of this Stipulation and Consent Agreement.

4. PMAC shall respond to the Com missioners directives to provide information required for licensing in the NMLS or directives for other lawful purposes.

5. PMAC shall pay an administrative penalty in the amount of Five Hundred (500) Dollars within ten (10) business days of the execution of this Stipulation and Consent Agreement.

6. PMAC acknowledges that this Stipulation and Consent Agreement constitutes a valid order du l y rendered by the Commissioner and agrees to be fully bound by it. PMAC acknowledges that this Agreement constitutes a finding by the Commissioner that PMAC has violated the provisions of Vermont law set forth above and agrees not to contest such findings. PMAC acknowledges that noncompliance with any of the terms of this Agreement shall constitute a violation of a lawful order of the Commissioner and shall subject PMAC to administrative act ion or sanctions as the Commissioner deems appropriate. PM AC further acknowledges that the Commissioner retains jurisdiction over this matter for the purpose of enforcing this Agreement.

7. PMAC acknowledges and agrees to enter into this stipulation freely and voluntarily, and that except as set forth herein, no promise was made to induce the PM AC to enter in to it. PMAC acknowledges that it understands all terms and obligations contained herein.

8. PMAC consents to the entry of this Stipulation and Consent Agreement and agrees to be fully bound by its terms and conditions. PMAC acknowledges that noncompliance with any of the terms of this Agreement may constitute a separate violation of the ban kin g laws of the State of Vermont and may subject it to sanctions.

9. The terms set forth in this Stipulation and Consent Agreement represents the complete agreement between the parties as to its subject matter.

10. The undersigned representative of PM AC affirms that he or she has taken all necessary steps to obtain the authority to bind PMAC to the obligations stated herein and has the authority to bind PMAC to the obligations stated herein.


CONSENT ORDER

 

1 . The stipulated facts, terms and provisions of this Stipulation and Consent Agreement are incorporated by reference herein.

2. Jurisdiction in this matter is established pursuant to 8 V.S.A. §§ 10-13, 15, 18, and Chapters 73 and 85 of Title 8.

3. Pursuant to the Stipulation, PMAC consents to the entry of this Consent Order and the findings set forth therein.

4. PMAC shall comply with all agreements, stipulations and undertakings as recited above.

5. Other than as specifically set forth herein, nothing contained in this Consent Order shall restrain or limit the Department in responding to and addressing any consumer complaint about PMAC fi led with the Department or shall preclude the Department from pursuing any other violation of law.

Benaissance, LLC F/K/A Coco Development, LLC

Order
Thursday, June 30, 2016
Docket No. 16-019-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Docket%2016-019-B.pdf

 

Docket No. 16-019-B

In re: Benaissance, LLC F/K/A COCO DEVELOPMENT, LLC

 

STIPULATION AND CONSENT AGREEMENT

The Banking Division of the Vermont Department of Financial Regulation (the "Department") and Benaissance, LLC, formally known as COCO Development, LLC ("Benaissance") hereby stipulate and agree as follows:

1. Pursuant to 8 V.S.A .Chapters 1 and 79, the Commissioner of the Vermont Department of Financial Regulation is charged with administering and enforcing Vermont law as it pertains to money transmitters inthe State of Vermont.

2. Benaissance acknowledges and admits to the jurisdiction of the Commissioner over the subject matter of this Stipulation and Consent Agreement set forth herein.

3. On or about November 16, 2015, ("Acquisition Date") Wex Health, Inc. f/k/a Evolution1, Inc., acquired Benaissance, a leading provider of integrated SaaS technologies and services for healthcare premium billing, payment and workflow management. Benaissance, LLC continues in existence and in good standing in its state of domicile, Nebraska, and in the state of Vermont.

4. On or about March 13, 2013, Benaissance entered into a contract with the State of Vermont to provide premium billing and payment processing services, including the Benaissance HBEpoint enterprise class premium billing Software as a Service application optimized for Health Benefit Exchanges.

5. The Department asserts that, prior to receiving a Vermont money transmitter license, Benaissance engaged in the business of money transmission in Vermont without the license or authorization required by 8 V.S.A. Chapter 79.

6. Based on information provided by Benaissance, the Department finds that during the period from October 2013 until December 31, 2015, Benaissance have transmitted to, from or among Vermont residents and Insurance Companies a total of approximately $174,053,785 in transactions.

7. The Department asserts that, prior to receiving a Vermont money transmitter license, from the Acquisition Date until the present, Benaissance has continued to engage in the business of money transmission in Vermont without the license or authorization required by 8 V.S.A. Chapter 79.

8. On or about April 11, 2016 Benaissance applied for a money transmitter license from the Vermont Department of Financial Regulation.

9. Benaissance on its own volition brought to the attention of the Department that Benaissance did not have a Vermont money transmitter license.

10. At all times, Benaissance has cooperated with the Department.

11. The parties wish to resolve this matter without administrative or judicial proceedings .

12. Benaissance and the Department expressly agree to enter into this Stipulation and Consent Agreement in full and complete resolution of the alleged violations described herein.

13. Benaissance agrees to pay: (a) an administrative penalty to the Department of Financial Regulation in the amount of $10,000.00; and, (b) the amount of $20,829.21 which represents the amount Benaissance would have paid the Department of Financial Regulation had Benaissance been duly licensed as a money transmitter in the State of Vermont since 2013.

14. Benaissance shall not through its affiliates or parent companies, engage in the business of money transmission in Vermont without a Vermont money transmitter license.

15. The Department of Financial Regulation will complete the licensure of Benaissance upon the execution of this agreement and payment by Benaissance of the $30,829.21 described in paragraph 14.

16. This Stipulation and Consent Agreement shall not prevent any person from pursuing any claim he or she may have against Benaissance, not shall it be understood as determining whether any such claim may or may not exist in law or equity. Nothing contained herein shall be deemed an admission by Benaissance.

17. Nothing contained in the Stipulation and Consent Agreement shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving Benaissance and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

18. The Department and Benaissance are entering into this Stipulation and Consent Agreement to settle a dispute between them and both agree that this Stipulation and Consent Agreement does not constitute an adjudication of a violation of statute or regulation.

19. Benaissance hereby waives its statutory right to notice and a hearing before the Commissioner of the Department, or her designated appointee.

20. Benaissance acknowledges and agrees that this stipulation is entered into freely and voluntarily and that except as set forth herein, no promise was made to induce Benaissance to enter into it. Benaissance acknowledges its understanding of and agrees to all terms, condition, and obligations contained in the Stipulation and Consent Agreement.

21. Benaissance and the Department knowingly and voluntarily waive any rights they may have to judicial review by any court or whether or not Benaissance and or Benaissance engaged in unauthorized money transmission in Vermont by way of suit, appeal,or extraordinary relief resulting from entry of enforcement of this Stipulation and Consent Agreement.

22. The undersigned representative of Benaissance affirms that he or she has taken all necessary actions to obtain the authority to bind Benaissance and Benaissance to the obligations stated herein and has the authority to bind Web Health and Benaissance to the obligation state herein.

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