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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

085

:
LOAN SERVICERS











 

§

2902. Application for license; license and investigation fee

(a) Application

for a license shall be in writing, under oath, and in the form prescribed by

the Commissioner, and shall contain the name and the address of the residence

and place of business of the applicant, and if the applicant is a partnership

or association, of every member thereof, and if a corporation, of each officer,

director, and control person thereof; also the county and municipality with

street and number, if any, where the business is to be conducted and such

further information as the Commissioner may require.

(b) At the time

of making application, the applicant shall pay to the Commissioner a $1,000.00

fee for investigating the application and a $1,000.00 license fee for a period

terminating on the last day of the current calendar year.

(c) In

connection with an application for a license, the applicant and each officer,

director, and control person of the applicant shall furnish to the Nationwide

Mortgage Licensing System and Registry information concerning the applicant's

identity, including:

(1) Fingerprints

for submission to the Federal Bureau of Investigation, and any governmental

agency or entity authorized to receive such information for a state, national,

and international criminal history background check.

(2) Personal

history and experience in a form prescribed by the Commissioner, including the

submission of authorization for the Nationwide Mortgage Licensing System and

Registry and the Commissioner to obtain:

(A) an

independent credit report and credit score obtained from a consumer reporting

agency described in subsection 603(p) of the Fair Credit Reporting Act, 15

U.S.C. § 1681a(p), for the purpose of evaluating the applicant's financial

responsibility at the time of application, and additional credit reports and

credit scores to confirm the licensee's continued compliance with the financial

responsibility requirements of this chapter; and

(B) information

related to any administrative, civil, or criminal findings by any governmental

jurisdiction.

(3) Any other

information required by the Nationwide Mortgage Licensing System and Registry

or the Commissioner. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011;

amended 2011, No. 78 (Adj. Sess.), § 27, eff. April 2, 2012.)