State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-133 > 4861
§ 4861. Definitions
As used in this chapter:
(1) "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a licensee, whether through the ownership of voting securities, by contract, or otherwise. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more of the voting securities or other interest of any other licensee.
(2) "Debt adjustment" means making a contract with a debtor whereby the debtor agrees to pay a sum or sums of money periodically and the other party to the contract distributes, supervises, coordinates, negotiates, or controls the distribution of such money or evidences thereof among one or more of the debtor's creditors in full or partial payment of obligations of the debtor. For purposes of this chapter, engaging in debt adjustment in this state shall include:
(A) soliciting debt adjustment business from within this state, whether by mail, by telephone, by electronic means, or by other means regardless of whether the debtor resides within this state or outside this state;
(B) soliciting debt adjustment business with an individual residing in this state, whether by mail, by telephone, by electronic means, or by other means; or
(C) entering into, or succeeding to, a debt adjustment contract with an individual residing in this state.
(3) "Material litigation" means any litigation that according to generally accepted accounting principles is deemed significant to an applicant's or a licensee's financial health, and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records. (Added 1969, No. 204 (Adj. Sess.), eff. March 23, 1970; amended 2003, No. 81 (Adj. Sess.), § 1; 2005, No. 36, § 4, eff. June 1, 2005.)
