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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. § 2229)
  • § 2229. Confessions of judgment; powers of attorney; contents of notes

    No licensee shall take any confession of judgment. No licensee shall take any power of attorney excepting such as may be incorporated in a form of note approved by the Commissioner for use in the financing of insurance premiums. No licensee shall take any note, promise to pay, or security that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of interest, nor any instrument in which blank spaces are left to be filled in after execution. Notwithstanding the foregoing provisions of this section, the Commissioner may by rule exempt from all or part of this section commercial loans. (Amended 1987, No. 142 (Adj. Sess.), § 1, eff. April 11, 1988; 1989, No. 244 (Adj. Sess.), § 7; 2009, No. 29, § 1.)