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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 085 : Loan Servicers

(Cite as: 8 V.S.A. § 2900)
  • § 2900. Definitions

    As used in this chapter:

    (1) “Loan” means a residential mortgage loan.

    (2) “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.

    (3) “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; 2019, No. 20, § 81.)