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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
073
:
LICENSED LENDERS
§
2202. Application for license; license and investigation fees
(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
and director 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 fee for
investigating the application and a license fee for a period terminating on the
last day of the current calendar year. The following fees are imposed on
applicants:
(1) For an
applicant for a lender's license, $1,000.00 as a license fee, and $1,000.00 as
an application and investigation fee for the initial license. For each
additional lender license from the same applicant, $500.00 as a license fee and
$500.00 as an application and investigation fee.
(2) For an
applicant for a mortgage broker's license, other than a mortgage broker that
meets each of the requirements of subdivisions (b)(3)(A)-(B), $500.00 as a
license fee, and $500.00 as an application and investigation fee.
(3) For an
applicant for a mortgage broker's license that meets each of the following
requirements, $250.00 as a license fee, and $250.00 as an application and
investigation fee:
(A) The
applicant is an individual sole proprietor.
(B) No person,
other than the applicant, shall be authorized to act as a mortgage broker under
the applicant's license.
(4) For an
applicant for a mortgage loan originator license, $50.00 as a license fee, and
$50.00 as an application and investigation fee.
(5) For an
applicant for a sales finance company's license, $350.00 as a license fee, and
$350.00 as an application and investigation fee.
(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 Nationwide Mortgage
Licensing System and Registry, 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 Section 603(p) of the Fair Credit Reporting Act for the
purpose of evaluating the applicant's financial responsibility at the time of
application and may obtain 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.
(d) This section
does not apply to a lender making only commercial loans. (Amended 1979, No. 173
(Adj. Sess.), § 3, eff. April 30, 1980; 1987, No. 117, § 3; 1995, No. 162 (Adj.
Sess.), § 3, eff. Jan. 1, 1997; 2005, No. 36, § 2; 2005, No. 72, § 2; 2009, No.
29, § 1; 2009, No. 134 (Adj. Sess.), § 24b.)
