8 V.S.A. Chapter 73 Licensed Lender Statute, Act No. 29 (H.171) 2009 - Order Regarding: (A) Modification Of Transition Deadline; (B) Submission Of Credit Reports And Credit Scores; And (C) The Date The Department Will Begin Accepting Mortgage Loan ...

Order
Monday, September 28, 2009
Docket No. 09-084-B

This Order: (a) Extends to March 31, 2010 the last date by which mortgage loan originators may begin conducting business in Vermont without a license; (b) Reaffirms that all mortgage loan originators, regardless of when they began conducting business in Vermont, must have a mortgage loan originator license by July 1, 2010;  (c) Informs potential licensees that the Department will begin accepting mortgage loan originator license applications on February 1, 2010; (d) Requires that until such time as the credit report and credit score functionality become available on the NMLS, applicants must submit a copy of their current credit report and credit score to the Department outside of the NMLS; and (e) strongly encourages individuals to apply for a mortgage loan originator license well in advance of the July 1, 2010 deadline to avoid any backlogs and delays in the processing and issuance of a mortgage loan originator license.

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