§ 2200. Definitions As used in this chapter: (1)(A) “Employee” means, subject to subdivision (B) of this subdivision (1), an individual whose manner and means of work are subject to the right of control of, or are controlled by a person and whose compensation for federal income tax purposes is reported, or required to be […]
§ 2201. Licenses required (a) Without first obtaining a license under this chapter from the Commissioner, a person shall not: (1) Engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on any such loan interest, a finance charge, discount, or consideration therefor. (2) […]
§ 2202a. Application for commercial lender license (a) Application for a license for a lender making solely commercial loans shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the name and address of the residence and the place of business of the applicant and, if the applicant […]
§ 2202b. Approval of application; issuance of commercial lender license (a) Upon the filing of an application and payment of the required fees, the Commissioner shall issue a commercial lender license to the applicant if the Commissioner finds: (1) The experience, character, and general fitness of the applicant command the confidence of the community and […]
§ 2203. Bond; liquid assets required (a) Prior to issuance of a license, the applicant shall file with the Commissioner, and shall keep in force thereafter for as long as the license remains in effect, a bond in a form and substance to be approved by the Commissioner in which the applicant shall be the […]
§ 2203a. Additional bond; liquid assets to be maintained (a) If the Commissioner finds at any time that a licensee’s bond is insecure, exhausted, insufficient, or otherwise doubtful, the Commissioner shall require one or more additional bonds meeting the standards set forth in section 2203 of this title. The licensee shall file the bond within […]
§ 2204a. Mortgage loan originator prelicensing and relicensing education requirement (a) In order to meet the prelicensing education requirement for a mortgage loan originator, a person shall complete at least 20 hours of education approved in accordance with subsection (b) of this section, which shall include at least: (1) three hours of federal law and […]
§ 2204b. Testing of mortgage loan originators (a) An individual applying for a mortgage loan originator license shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry and administered by a test provider approved by the Nationwide Multistate Licensing System and […]
§ 2204c. Continuing education for mortgage loan originators (a) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (b) of this section, which shall include at least: (1) three hours of federal law and regulations; (2) two […]
§ 2204d. Mortgage loan originator license inactive status The license of a mortgage loan originator that has satisfied all of the requirements of licensure, other than being employed by a licensed lender or licensed mortgage broker, may be placed in an approved inactive status. (Amended 1995, No. 162 (Adj. Sess.), § 7, eff. Jan. 1, […]
§ 2208a. Mortgage loan originator change of employer or sponsor (a) No mortgage loan originator may be employed, supervised, and sponsored by more than one licensed lender or licensed mortgage broker operating in this State. Alternatively, a mortgage loan originator may be an individual sole proprietor who is also licensed as a lender or mortgage […]
§ 2216. Mortgage lending; specific requirements; exceptions Every licensee engaging in the making of loans secured by a lien against real estate located in this State, whether conducting its affairs as an agent or principal and whether operating from facilities within the State or by mail, telephone, or by electronic means, shall comply with the […]
§ 2217. Mortgage brokers (a) No licensee or other person shall act as a mortgage broker in any transaction in which the licensee or such other person is acting as a mortgage lender. (b) Each mortgage broker required to be licensed under this chapter shall retain for a minimum of six years after a contract […]
§ 2218. Segregated accounts (a) All permitted charges paid by loan applicants or borrowers to a lender or a mortgage broker subject to this chapter shall be deposited in one or more accounts maintained at a bank approved by the Commissioner, and with respect to such funds the lender or mortgage broker shall act as […]
§ 2219. Contract required of mortgage broker (a) In advance of taking any fee or collecting any charges or at the time the prospective borrower submits a signed application, a written agreement in a form approved by the Commissioner shall be prepared by the mortgage broker and shall be signed by both the mortgage broker […]
§ 2220. Disclosure required by mortgage lender In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to […]
§ 2220a. Disclosure required by loan solicitation licensee Each loan solicitation licensee shall include clearly and conspicuously in all advertisements of loans and solicitations of leads, the following statement: THIS IS A LOAN SOLICITATION ONLY. [INSERT LICENSEE NAME] IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION […]
§ 2221. Out-of-state mortgage loans A mortgage loan made outside Vermont for use outside Vermont shall be deemed to be made outside the state of Vermont and shall not be subject to this chapter except upon written agreement of the borrower and the licensee. (Added 1995, No. 162 (Adj. Sess.), § 22, eff. Jan. 1, […]
§ 2222. Examinations The Commissioner shall examine the affairs, business, and records of each licensee under this chapter, other than a loan solicitation company, at least once every three years. The Commissioner shall examine the affairs, business, and records of each loan solicitation company as often as the Commissioner deems necessary to carry out the […]
§ 2223. Additional records required of loan solicitation licensees (a) In addition to any records required by section 2119 of this title, a licensee that engages in loan solicitation activity shall maintain the following records for not less than seven years: (1) copies of all solicitation materials used in its business, regardless of medium, including […]
