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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 072 : GENERAL PROVISIONS

(Cite as: 8 V.S.A. § 2109)
  • § 2109. Annual renewal of license

    (a) On or before December 1 of each year, every licensee shall renew its license or registration for the next succeeding calendar year and shall pay to the Commissioner the applicable renewal of license or registration fee. At a minimum, the licensee or registree shall continue to meet the applicable standards for licensure or registration. At the same time, the licensee or registree shall maintain with the Commissioner any required bond in the amount and of the character as required by the applicable chapter. The annual license or registration renewal fee shall be:

    (1) For a lender license under chapter 73 of this title, $1,200.00.

    (2) For a lender license under chapter 73 of this title for a lender only making commercial loans, $500.00.

    (3) For a mortgage broker license under chapter 73 of this title, other than a mortgage broker that meets each of the requirements of subdivisions (4)(A)-(C) of this section, $500.00.

    (4) For a mortgage broker license under chapter 73 of this title 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, shall be authorized to act as a mortgage broker under this license; and

    (C) the mortgage broker originated five or fewer loans within the last calendar year.

    (5) For a mortgage loan originator license under chapter 73 of this title, $100.00.

    (6) For a sales finance company license under chapter 73 of this title, $350.00.

    (7) For a loan solicitation license under chapter 73 of this title, $500.00.

    (8) [Repealed.]

    (9) For a consumer litigation funding company registration under chapter 74 of this title, $200.00.

    (10) For a money transmission license under chapter 79 of this title, $1,000.00, plus an annual renewal fee of $25.00 for each authorized delegate, provided that the total renewal fee of all authorized delegate locations shall not exceed $3,500.00.

    (11) For a check cashing and currency exchange license under chapter 79 of this title, $500.00.

    (12) For a debt adjuster license under chapter 83 of this title, $250.00.

    (13) For a loan servicer license under chapter 85 of this title, $1.000.00.

    (14) For a personal information protection company license under chapter 78 of this title, $500.00.

    (b) A license originally issued on or after November 1 of the current year is valid for the next succeeding year.

    (c) In addition to the annual renewal fee, on or before April 1 of each year a money transmission licensee shall pay the Department an annual assessment equal to $0.0001 per dollar volume of money services activity performed for, or sold or issued to, Vermont customers for the most recent year ending December 31, which assessment shall not be less than $100.00 and shall not be greater than $15,000.00.

    (d) An individual holding a mortgage loan originator license shall also satisfy the annual continuing education requirement of section 2204c of this title.

    (e) Notwithstanding any other provision of this title, the license of a 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.

    (f) Notwithstanding any other provision of this title, the registration of a litigation funding company that fails to pay the annual renewal fee or fails to satisfy all of the minimum registration renewal requirements by December 1 shall automatically expire on December 31. (Added 2019, No. 20, § 2; 2019, No. 70, § 1a; amended 2019, No. 103 (Adj. Sess.), § 3; 2021, No. 25, § 3, eff. May 12, 2021.)