Sales Finance Companies

The State of Vermont participates in the Nationwide Mortgage Licensing System (NMLS). Beginning April 16, 2012 all applications for a sales finance license must be submitted through NMLS.

NMLS logo

   Effective March 30, 2012, the Banking Division will no longer accept paper applications for sales finance company  licenses.  As of April 16, 2012 those companies wishing to apply for licensure must do so through NMLS.  Any paper applications received after March 30th will be returned to the applicant.  Please direct all inquiries to BISHCA-NMLS1@state.vt.us  

Jurisdiction Specific Forms:

Reports

Vermont Related/Referenced Statutes & Regulations:

Who is required to have this license?

  • Any company or person who purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
  • Each location, whether located in Vermont or not, desiring to act as a sales finance company must obtain a separate license.

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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
  • a seller of goods or services that finances the sale of such goods or services, other than a residential mortgage loan
  • a person who takes one or more retail installment contracts as a security for a loan or loans.

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What are the fees?

Initial Application:

$800.00 (includes a $350.00 Licensing Fee, a $350.00 Investigation Fee; and the $100 NMLS processing fee)

Additional Applications:

Branch licenses - $720.00 (includes a $350.00 Licensing Fee, a $350.00 Investigation Fee, and $30.00 NMLS processing fee)

Renewal:

Corporate licenses - $450.00 (Includes $100 NMLS processing fee)

Branch licenses - $380.00 (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 sales finance 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.

Bond amount: Not required.

Registered Agent recorded with the Vermont Secretary of State.

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