§2202. Application for license; license and investigation fees

Link to law: http://legislature.vermont.gov/statutes/section/08/073/02202
Published: 2015

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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.)
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