The Vermont Statutes Online
Banking and Insurance
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
(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,
(b) Any license
originally issued on or after November 1 of the current year shall be valid for
the next succeeding year.
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.), §