Lenders

The State of Vermont participates in the Nationwide Mortgage Licensing System (NMLS).  All applications for a lender license must be submitted through NMLS.

NMLS logo

 

Jurisdiction Specific Forms:

Reports

Vermont Related/Referenced Statutes & Regulations:

Who is required to have this license?

  • Any company or person who engages in the business of making loans of money, credit, goods, or things in action and charges, contracts for or receives on any such loan interest, a finance charge, discount, or consideration therefore.  Loans include, but are not limited to, secured and unsecured consumer loans, mortgage loans, and commercial loans.  [Note: The company’s main office must be licensed as a lender prior to, or simultaneously with, the filing of a branch lender license.]
  • Each location, whether located in Vermont or not, desiring to engage in the business of making loans in Vermont must obtain a separate license by filing a Form MU3 through the NMLS.
  • A loan solicited and made by mail, telephone or electronic means to a Vermont resident is subject to licensing notwithstanding where the loan is legally made. No person may engage in the business of soliciting and making loans by mail, telephone or electronic means in Vermont unless duly licensed.

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Who does not need this license?

The following is a partial list of exceptions.  For a complete list of exceptions, please refer to 8 V.S.A. § 2201(d)

  • a  depository institution [see the definition of “depository institution” in 8 V.S.A. § 2200(4)]
  • an insurance company
  • lenders making  commercial loans of $1,000,000.00 or more
  • persons who loan an aggregate of less than $50,000.00 in any one year at rates of interest of no more than 12 percent per annum, other than residential mortgage loans
  • a seller of goods or services that finances the sale of such goods or services, other than a residential mortgage loan

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What are the fees?

Initial Application:

$2,100.00 (includes a $1000.00 Licensing Fee, a $1000.00 Investigation Fee; and the $100 NMLS processing fee)

Additional Applications:

Corporate licenses - $1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $100.00 NMLS processing fee)

Branch licenses - $1,030.00  (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $30.00 NMLS processing fee)

Renewal:

Corporate licenses -  $1,300.00 (Includes $100 NMLS processing fee)

Branch licenses - $1,230.00 (Includes $30 NMLS processing fee)

Change in Address: $100.00

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What are the pre-requisites for license application?

Applicant must be licensed to engage in lending activity in its state of domicile and must be in good standing in its state of domicile with its banking regulator or equivalent financial industry regulator.

Liquid Assets:

  • $ 25,000.00, per license
  • $ 50,000.00, per license for commercial lending
  • or such greater amount as may be required

Bond amount: $ 50,000.00, minimum amount (the required bond amount increases based upon the dollar amount of loans originated in Vermont)

Registered Agent recorded with the Vermont Secretary of State.

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