Thomas J. Candon was appointed deputy commissioner of Banking in June 1993 and deputy commissioner of Securities in August 2008.
Mr. Candon has experience with a Vermont bank as a municipal services officer, investment and deposit services officer, mortgage banking manager, and operations division manager. He held registered securities representative and registered securities principal licenses while at the bank.
Extends to January 1, 2013 the date by which financial advisors must obtain a mortgage loan originator license if they recommend, refer or steer clients to a lender for a residential mortgage loan for compensation or gain or in the expectation of compensation or gain.
This bulletin gives financial advisors a transition period to obtain a mortgage loan originator license in response to changes made by Act 85 that expanded the definition of a mortgage loan originator.
Purpose: This Regulation supersedes and replaces Regulation B-2000-01. The amendments to the rule: (1) make the rule compatible with the requirements of the National Credit Union Administration (“NCUA”); (2) update the definitions and provide a better explanation of what constitutes a construction or development loan; (3) provide that business purpose loans to any one borrower which, in the aggregate, do not exceed $50,000.00 are excluded from the regulation (the rule increases the threshold from $15,000.00 to $50,000.00); (4) set forth the minimum requirements for a credit union’s member business loan policy; (5) require that a credit union that engages in member business lending must utilize the services of someone with at least 5 years experience in business lending; (6) update individual and aggregate loan limits; and (7) update accounting calculations related to member business lending.
Allows a licensed mortgage loan originator employed by a third party loan servicer to engage in loan modification activities prior to December 1, 2011 without being employed and sponsored by a licensed lender or mortgage broker.