§ 2217. Mortgage brokers
§ 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
§ 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
§ 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
§ 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
§ 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
§ 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, […]
§ 2204c. Continuing education for mortgage loan originators
§ 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 […]
§ 2200. Definitions
§ 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
§ 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
§ 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 […]