Banking

Background and Findings

1.         The Commissioner of the Department of Financial Regulation is charged with administering Vermont law as it pertains to loan solicitation companies.  8 V.S.A. Chapters 1 and 73. 

2.         The definition of “loan solicitation” is very broad and includes:

a.         offering, soliciting, brokering, directly or indirectly arranging, placing, or finding a loan for a prospective Vermont borrower;

b.         engaging in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation;

Effective January 1, 2012, pursuant to 24 V.S.A. §3269(c) and (d), the Commissioner of the Department of Banking, Insurance, Securities and Health Care Administration has determined, until further notice, that every PACE participant will contribute 2.0 percent of the original PACE assessment to the municipality’s Reserve Fund or a Reserve Fund managed by an agent for the municipality.

                                                                                                _____________________________

For the purpose of this document, a property owner of a PACE qualified property receiving funding to finance an energy saving improvement will be referred to as a “Participant.”  These underwriting criteria are meant to determine the Participant’s credit worthiness and ability to repay the assessment, that the underlying assets have and will retain value and that there will be savings or some other benefit from the assessment.  Under 24 V.S.A.

This Bulletin provides notice to affected companies of the enactment of Act 41, An Act Related to Prohibiting Discrimination on the Basis of Gender Identity.[1]

Act 41 is intended to prohibit discrimination on the basis of gender identity.  “Gender identity” under the law means “an individual’s actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual’s gender or gender identity, regardless of the individual’s assigned sex at birth.”  1 V.S.A. § 144. [2]

This order was withdrawn on June 21, 2019.