§2900. Definitions

Link to law: http://legislature.vermont.gov/statutes/section/08/085/02900
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

085

:
LOAN SERVICERS











 

§

2900. Definitions

As used in this

chapter:

(1)

"Commercial loan" means any loan or extension of credit that is

described in 9 V.S.A. § 46(1), (2), or (4). The term does not include a loan or

extension of credit that is secured by an owner occupied one- to four-unit

dwelling.

(2)

"Commissioner" means the Commissioner of Financial Regulation.

(3)

"Control" means the possession, direct or indirect, of the power to

direct or cause the direction of the management or policies of a person, whether

through the ownership of voting securities, by contract other than a commercial

contract for goods or nonmanagement services, or otherwise, unless the power is

the result of an official position with or corporate office held by the person.

Control shall be presumed to exist if any person, directly or indirectly, owns,

controls, holds with the power to vote, or holds proxies representing 10

percent or more of the voting securities or other interest of any other person.

(4)

"Depository institution" has the same meaning as in Section 3 of the

Federal Deposit Insurance Act, 12 U.S.C. § 1813(c), which includes any bank and

any savings association as defined in Section 3 of the Federal Deposit

Insurance Act. For purposes of this chapter, "depository institution"

also includes any credit union organized and regulated as such under the laws

of the United States or any state or territory of the United States.

(5)

"Dwelling" has the same meaning as in subsection 103(v) of the Truth

in Lending Act, 15 U.S.C. § 1602(v).

(6)

"Individual" means a natural person.

(7)

"Loan" means a residential mortgage loan.

(8)

"Nationwide Mortgage Licensing System and Registry" means a licensing

system developed and maintained by the Conference of State Bank Supervisors and

the American Association of Residential Mortgage Regulators, or any successor

to the Nationwide Mortgage Licensing System and Registry.

(9)

"Person" shall have the meaning set forth in 1 V.S.A. § 128 and

includes a natural person, corporation, company, limited liability company,

partnership, or association.

(10)

"Residential mortgage loan" means any loan primarily for personal,

family, or household use that is secured by a mortgage, deed of trust, or other

equivalent consensual security interest on either a dwelling or residential

real estate, upon which is constructed or intended to be constructed a

dwelling.

(11)

"Residential real estate" means any real property located in Vermont,

upon which is constructed or intended to be constructed a dwelling.

(12)

"Servicing" means receiving a scheduled periodic payment from a

borrower pursuant to the terms of a loan, including amounts for escrow

accounts, and making the payments to the owner of the loan or other third party

of principal and interest and other payments with respect to the amounts

received from the borrower as may be required pursuant to the terms of the

servicing loan document or servicing contract. In the case of a home equity

conversion mortgage or a reverse mortgage, servicing includes making payment to

the borrower.

(13) "Third

party loan servicer" means a person who engages in the business of

servicing a loan, directly or indirectly, owed or due or asserted to be owed or

due another. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011; amended

2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
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