The Vermont Statutes Online
Banking and Insurance
As used in this
"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
"Commissioner" means the Commissioner of Financial Regulation.
"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.
"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.
"Dwelling" has the same meaning as in subsection 103(v) of the Truth
in Lending Act, 15 U.S.C. § 1602(v).
"Individual" means a natural person.
"Loan" means a residential mortgage loan.
"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.
"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.
"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
"Residential real estate" means any real property located in Vermont,
upon which is constructed or intended to be constructed a dwelling.
"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
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.)