The Vermont Statutes Online
Banking and Insurance
2901. License required
(a) No person
shall act as a third party loan servicer, directly or indirectly, for a loan to
a Vermont borrower without first obtaining a license under this chapter from
(b) No license
shall be required of:
(1) A depository
(2) A lender
licensed under chapter 73 of this title that retains the servicing rights on a
loan originally closed in the lender's name and subsequently sold in whole or
in part to a third party, provided that the provisions of sections 2916
(segregated accounts) and 2922 (prohibited acts and practices) of this chapter
shall apply to such lender.
(3) A debt
adjuster licensed in this State.
(4) An attorney
licensed in this State when collecting a debt on behalf of a client.
(5) Bona fide
nonprofit organizations, exempt from taxation under Section 501(c) of the
Internal Revenue Code, that are approved by the Department of Housing and Urban
Development as housing counseling agencies, that have a physical location in
Vermont, and that lend state or federal funds.
(c) This chapter
shall not apply to commercial loans. (Added 2009, No. 96 (Adj. Sess.), § 1,
eff. Jan. 1, 2011.)