§ 2900. Definitions As used in this chapter: (1) “Loan” means a residential mortgage loan. (2) “Servicing” means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and […]
§ 2901. License required (a) No person shall act as a third party loan servicer, directly or indirectly, for a loan to a Vermont borrower without first obtaining a license under this chapter from the Commissioner. (b) No license shall be required of: (1) a depository institution; (2) a lender licensed under chapter 73 of […]
§ 2903. Bond (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 obligor, in the […]
§ 2907. Additional bond 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 2903 of this chapter. The licensee shall file the bond within 10 days of the Commissioner’s written […]
§ 2916. Segregated accounts (a) All amounts paid by borrowers to a licensee subject to this chapter shall be deposited in one or more accounts maintained at a federally insured depository institution and with respect to such funds, the licensee shall act as a fiduciary. Such account or accounts shall be segregated from all other […]
§ 2917. Examinations The Commissioner shall examine the affairs, business, and records of each licensee under this chapter at least once every three years. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011; amended 2019, No. 20, § 94.)
§ 2922. Prohibited acts and practices (a) It is a violation of this chapter for a person 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 by […]
