§ 2225. Statement of rates of charge Rates of charge shall be stated fully and clearly in such manner as necessary to prevent misunderstanding thereof by prospective borrowers. (Amended 1995, No. 162 (Adj. Sess.), § 26, eff. Jan. 1, 1997; 2009, No. 29, § 1.)
§ 2227. Conduct of unrelated business No licensee shall conduct the business of making noncommercial loans under this chapter within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as may be authorized in writing by the Commissioner upon his […]
§ 2229. Confessions of judgment; powers of attorney; contents of notes No licensee shall take any confession of judgment. No licensee shall take any power of attorney excepting such as may be incorporated in a form of note approved by the Commissioner for use in the financing of insurance premiums. No licensee shall take any […]
§ 2230. Rate of interest (a) Every licensee may charge, contract for, and receive thereon interest, calculated according to the actuarial method as set forth in 9 V.S.A. § 41a(d), not exceeding the rates permitted by 9 V.S.A. chapter 4, except that the rate of interest on loans secured by motor vehicles, mobile homes, travel […]
§ 2231. Contracts to be repayable in monthly installments; maximum term; additional charges prohibited; invalidity of loan contract (a) Except for loans made pursuant to section 2216 of this title and in compliance with applicable regulations of the Commissioner, all loan contracts made under the provisions of this chapter shall require repayment in substantially equal […]
§ 2232a. Requirements regarding the borrower (a) Each licensed lender shall deliver to the borrower at the time any loan is made a statement showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address […]
§ 2233. Charges; loan solicitation; specialized financing (a) Other than a mortgage broker fee pursuant to section 2219 of this title, no person who is required to be licensed under this chapter, shall directly or indirectly charge, contract for, or receive any interest, discount, consideration, or charge greater than is authorized by 9 V.S.A. § […]
§ 2234. Assignment of wages The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, for the purpose of regulation under this chapter, shall be deemed a […]
§ 2235. Requirements for assignment of wages No assignment of or order for payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the amount of such loan is paid to the borrower […]
§ 2236a. Extent of assignment; service upon employer Under any such assignment or order for the payment of future salary, wages, commissions, or other compensation for services given as security for a loan made by any licensee under this chapter, a sum not to exceed 10 percent of the borrower’s salary, wages, commissions, or other […]
§ 2238. Out-of-state commercial loans A commercial loan made to a borrower located 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 licensee and borrower. (Amended 2009, No. 29, § 1.)
§ 2239. Commercial leases This chapter shall not apply to commercial leases as defined in 9 V.S.A. chapters 59 and 61. (Amended 2009, No. 29, § 1.)
§ 2241. Prohibited acts and practices It is a violation of this chapter for a person or individual to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice toward any person; (3) obtain property […]
§ 2244. Unique identifier shown (a) The unique identifier issued by the Nationwide Mortgage Licensing System and Registry of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order […]
§ 2245. Pension loans Any person who engages in the business of offering consideration in exchange for a secured interest in all or part of pension proceeds in the possession of a participant, beneficiary, or member of a pension plan, program, or system shall be deemed to be engaged in the business of making loans […]
