§ 2100. Application of chapter (a) Except as otherwise provided in this part, this chapter applies to a person doing or soliciting business in this State as described in this part. (b) This chapter does not apply to: (1) development credit corporations subject to chapter 65 of this title; or (2) independent trust companies subject […]
§ 2101. Definitions Except as otherwise provided in this part: (1) “Commercial loan” means a loan or extension of credit that is described in 9 V.S.A. § 46(1), (2), or (4). The term does not include a loan or extension of credit secured in whole or in part by an owner occupied one- to four-unit […]
§ 2102. Application for license (a) Application for a license or registration shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the legal name, any fictitious name or trade name, and the address of the residence and place of business of the applicant, and if the applicant […]
§ 2103. Approval of application and issuance of license (a) Upon the filing of an application, payment of the required fees, and satisfaction of any applicable bond and liquid asset requirements, the Commissioner shall issue a license to the applicant if the Commissioner finds: (1)(A) The financial responsibility, experience, character, and general fitness of the […]
§ 2104. Request for reconsideration; review of denial of application (a)(1) If the Commissioner denies an application, not later than 15 days after the date of denial the applicant may request that the Commissioner reconsider the application. (2) The applicant shall submit his or her request in writing and shall respond specifically to the Commissioner’s […]
§ 2105. Contents of license; nontransferable (a) A license shall state the address at which a licensee will conduct its business, shall state fully the name of the licensee, and, if the licensee is not an individual, shall state the date and place of its organization or incorporation. (b) A mortgage loan originator license shall […]
§ 2106. Additional place of business; change of place of business (a)(1) A license is required for each place of business. (2) Except as otherwise provided in this title, the Commissioner may issue more than one license to the same licensee for additional places of business if the licensee meets the requirements for each place […]
§ 2107. Change of control (a) A licensee shall give the Commissioner notice of a proposed change of control within 30 days of the proposed change and request approval of the acquisition. A money transmitter licensee shall also submit with the notice a nonrefundable fee of $500.00. (b) After review of a request for approval […]
§ 2108. Notification of material change (a) A licensee shall notify the Commissioner in writing within 30 days of any material change in the information provided in a licensee’s application. (b) A licensee shall notify the Commissioner in writing within 30 days of any change in the list of executive officers, managers, directors, or responsible […]
§ 2109. Annual renewal of license (a) On or before December 1 of each year, every licensee shall renew its license or registration for the next succeeding calendar year and shall pay to the Commissioner the applicable renewal of license or registration fee. At a minimum, the licensee or registree shall continue to meet the […]
§ 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 […]
§ 2111. Revocation, suspension, termination, or nonrenewal where more than one place of business The Commissioner may revoke, suspend, terminate, or refuse to renew only the license for a particular place of business at which grounds for revocation, suspension, termination, or refusal to renew may occur or exist, or if the Commissioner finds that such […]
§ 2112. Surrender of license; no effect on liability; reinstatement (a) A licensee may surrender a license by delivering to the Commissioner notice that the licensee surrenders the license. (b) Surrender shall not affect the licensee’s administrative, civil, or criminal liability for acts committed prior to surrender. A revocation, suspension, termination, refusal to renew, or […]
§ 2113. Appeal of final order (a) The Commissioner shall serve his or her findings and order of suspension, termination, revocation, or to cease and desist in specified conduct on the licensee by mail at the licensee’s current address as stated on the license, which shall be presumptive evidence of its receipt by the licensee. […]
§ 2114. Rules The Commissioner may adopt rules and issue orders, rulings, demands, and findings as is necessary to perform his or her duties under this part. (Added 2019, No. 20, § 2.)
§ 2115. Penalties (a) The Commissioner may: (1) impose an administrative penalty of not more than $10,000.00, plus the State’s cost and expenses of investigating and prosecution of the matter, including attorney’s fees, for each violation upon any person who violates or participates in the violation of this part; chapter 200 of this title; 9 […]
§ 2116. Administrative procedure All administrative proceedings under this part shall be conducted in accordance with 3 V.S.A. chapter 25 and any rules adopted by the Commissioner on hearing procedure. (Added 2019, No. 20, § 2.)
§ 2117. Examinations and investigations; examination fees (a) In addition to any authority allowed under this part or other law, and for the purpose of examination, or discovering or investigating violations or complaints of or arising under this part; chapter 200, subchapter 2 of this title; chapter 200 of this title; 9 V.S.A. chapter 4, […]
§ 2118. Joint examinations (a)(1) The Commissioner may conduct an on-site examination in conjunction with representatives of other state agencies or agencies of another state or of the federal government. (2) Instead of an examination, the Commissioner may accept the examination report of an agency of this State or of another state or of the […]
§ 2119. Records required of licensee (a)(1) A licensee shall keep, use in the licensee’s business, and make available to the Commissioner upon request, the books, accounts, records, and data compilations as will enable the Commissioner to determine whether the licensee is complying with the provisions of this part and with the rules adopted by […]
