Proposed Rules and Regulations

Proposed Banking Regulation B-2014-02: Mortgage Brokers

This proposed rule will replace B-98-01: Mortgage Brokers.

This Regulation updates the rules governing mortgage brokers. It provides standards on: (1) individuals that may be authorized to act as a mortgage loan originator under the mortgage broker’s license; (2) steps that a mortgage broker must take to surrender a license; (3) the form of the contract between the mortgage broker and the prospective borrower; (4) maintaining a segregated account for funds collected from the prospective borrower by the mortgage broker; (5) the filing of quarterly mortgage call reports through the Nationwide Mortgage Licensing System (“NMLS”); and (6) prohibited mortgage broker activities.

Contact Person:
Sue S. Clark
Vermont Department of Financial Regulation
sue.clark@state.vt.us
802-828-3307

Full text of proposed regulation


Reg. 71-2 (Revised) Insurance Holding Company Systems:

The purpose of this regulation is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of 8 V.S.A. chapter 101, subchapter 13, which relates to holding companies and subsidiaries.

Contact: Shannon Salembier
Assistant General Counsel
Department of Financial Regulation
Shannon.salembier@state.vt.us
802-828-2234

Full text of proposed revision


Proposed Banking Regulation B-2014-03: Non-Discrimination in Financial Services

This Rule implements 8 V.S.A. § 10403 (formerly 8 V.S.A. § 1211(b))which codifies prohibited bases of discrimination. The proposed amendments update the Rule to bring it into conformity with the statute. Since the Rule was last adopted, the underlying statute has been amended to include "sexual orientation" and "gender identity." On July 1, 2014 the term "handicapping condition" will change to "disability." Additionally, statutory language that was duplicated in the Rule was deleted.

Contact Person:
Karla Nuissl
Assistant General Counsel
Department of Financial Regulation
Karla.nuissl@state.vt.us
802-828-2963

Full text of proposed revision


Defining Standards and Commissioner’s Authority for Companies Deemed to be in Hazardous Financial Condition – Regulation 93-2 (Revised)

The proposed rule amends Regulation 93–2.  It sets for the standards the Commissioner of Financial Regulation (Commissioner) may use to identify insurers that are in such a hazardous financial condition that the continuance of their business places the public or policy holders at risk.  The proposed rule sets for h the Commissioner’s power and authority to deal with such companies.  Specifically, the amendments expand the list of standards and strengthen the Commissioner’s authority with respect to insurers determined to be in a hazardous financial condition. 

Contact:
Shannon Salembier
Assistant General Counsel
Department of Financial Regulation
Shannon.salembier@state.vt.us
802-828-2234

Full text of proposed revision