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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

073

:
LICENSED LENDERS











 

§

2209. Renewal of license

(a) On or before

December 1 of each year, every licensee shall renew its license for the next

succeeding calendar year and shall pay to the Commissioner a renewal of license

fee. At a minimum, the licensee shall continue to meet the standards for

license issuance under section 2204 of this title. At the same time, the

licensee shall maintain with the Commissioner a bond in the amount and of the

character as required by section 2203 of this title or as required by the Commissioner

under section 2207 of this title. The license renewal fee shall be:

(1) For the

renewal of lender's license, $1,200.00.

(2) For the

renewal of a mortgage broker's license, other than a mortgage broker that meets

each of the requirements of subdivision (A)-(C), of this subsection, $500.00.

(3) For the

renewal of a mortgage broker's license that meets each of the following

requirements, $250.00:

(A) The mortgage

broker license is held by an individual sole proprietor.

(B) No person,

other than the individual sole proprietor, is authorized to act as a mortgage

broker under this license.

(C) The mortgage

broker originated five or fewer loans within the last calendar year.

(4) For the

renewal of a sales finance company's license, $350.00.

(5) For the

renewal of a mortgage loan originator license, $100.00.

(6) For the

renewal of a lender's license for a lender making only commercial loans,

$500.00.

(b) Any license

originally issued on or after November 1 of the current year shall be valid for

the next succeeding year.

(c) An

individual holding a mortgage loan originator license must also satisfy the

annual continuing education requirement of section 2209a of this title. The

license of any mortgage loan originator who fails to pay the annual renewal fee

or fails to satisfy all of the minimum license renewal standards by December 1

shall automatically expire on December 31. (Amended 1983, No. 35, § 4; 1987,

No. 117, § 6; 1995, No. 162 (Adj. Sess.), § 10, eff. Jan. 1, 1997; 1997, No.

23, § 6; 2005, No. 72, § 3; 2009, No. 29, § 1; 2009, No. 134 (Adj. Sess.), §

24g.)