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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 073 : LICENSED LENDERS, MORTGAGE BROKERS, MORTGAGE LOAN ORIGINATORS, SALES FINANCE COMPANIES, AND LOAN SOLICITATION COMPANIES

(Cite as: 8 V.S.A. § 2202b)
  • § 2202b. Approval of application; issuance of commercial lender license

    (a) Upon the filing of an application and payment of the required fees, the Commissioner shall issue a commercial lender license to the applicant if the Commissioner finds:

    (1) The experience, character, and general fitness of the applicant command the confidence of the community and warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter.

    (A) If the applicant is a partnership or association, such findings are required with respect to each partner, member, and person in control of the applicant.

    (B) If the applicant is a corporation, such findings are required with respect to each officer, director, and person in control of the applicant.

    (2) The applicant and each officer, director, and person in control of the applicant has never had a lender license, mortgage broker license, mortgage loan originator license, or similar license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

    (3) The applicant and each officer, director, and person in control of the applicant has not been convicted of or pled guilty or nolo contendere to a felony in a domestic, foreign, or military court:

    (A) during the seven-year period preceding the date of the application for licensing, except a conviction for driving under the influence or a similarly titled offense in this State or in any other jurisdiction; or

    (B) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; and

    (C) provided that any pardon of a conviction shall not be a conviction for purposes of this subsection.

    (b)(1) If the Commissioner finds that the applicant does not meet the requirements of subsection (a) of this section, the Commissioner shall not issue a license.

    (2) Not later than 60 days after an applicant files a complete application, the Commissioner shall notify the applicant of the denial, stating the reason or reasons therefor.

    (3) If the applicant does not file a timely request for reconsideration pursuant to section 2104 of this title, the Commissioner shall:

    (A) return to the applicant the sum paid by the applicant as a license fee; and

    (B) retain the investigation fee to cover the costs of investigating the application.

    (c)(1) If the Commissioner finds that an applicant meets the requirements of subsection (a) of this section, he or she shall issue the license not later than 60 days after the applicant submits a complete application.

    (2) Provided that the licensee annually renews the license, the license shall be valid until the licensee surrenders the license or until the Commissioner revokes, suspends, terminates, or refuses to renew the license.

    (d) For good cause shown and consistent with the purposes of this section, the Commissioner may waive or modify the requirements of subdivision (a)(2) of this section. (Added 2009, No. 134 (Adj. Sess.), § 24f; amended 2017, No. 22, § 5, eff. May 4, 2017; 2019, No. 20, § 7.)