reglab/housing_qa huggingface dataset:
8 V.S.A. § 2120
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 72 - General Provisions|§ 2120. Annual report; call reports

§ 2120. Annual report; call reports|(a)(1) In addition to any specific information required by the applicable chapter, annually, on or before April 1, a licensee shall file a report with the Commissioner to provide the information the Commissioner reasonably requires concerning the business and operations conducted in this State during the preceding calendar year.  (2) The licensee shall submit the report under oath and in the form the Commissioner requires. (3) For good cause, the Commissioner may extend the due date for the annual report required by this subsection. (4) If a licensee does not file its annual report on or before April 1, or within any extension of time granted by the Commissioner, the licensee shall pay to the Department $1,000.00 for each month or part of a month that the report is past due, beginning on the date that is five business days after April 1 or the last date of such extension, as applicable.   (b)(1) Annually, not later than 90 days after the end of its fiscal year, a licensee shall file financial statements with the Commissioner in a form and substance acceptable to the Commissioner, which financial statements shall include a balance sheet and income statement.  (2) This subsection does not apply to a lender making only commercial loans.   (c) A licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition in a form and including the information the Nationwide Multistate Licensing System and Registry requires, if applicable.(d) The Commissioner may require more frequent reports from any licensee. (Added 2019, No. 20, § 2; amended 2019, No. 103 (Adj. Sess.), § 10; 2021, No. 25, § 4, eff. May 12, 2021.)
8 V.S.A. § 2121
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 72 - General Provisions|§ 2121. Deceptive advertising

§ 2121. Deceptive advertising|(a) A person subject to this part shall not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, a statement or representation that is false, misleading, or deceptive.(b) The Commissioner may order a person to cease conduct that violates this section. (Added 2019, No. 20, § 2.)
8 V.S.A. § 2122
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 72 - General Provisions|§ 2122. Use of other names or business places

§ 2122. Use of other names or business places|(a) A licensee shall not conduct business or make a loan subject to regulation under this part under any other name or at any other place of business than as specified in its license.(b) Mortgage loan originators and employees of licensees may work remotely through a licensed location without being physically present at such location, provided the mortgage loan originator or employee is assigned to a licensed location, is adequately supervised by the licensee, and the licensee and the mortgage loan originator or employee meet such additional conditions as the Commissioner may require.(c) This section does not apply to a commercial loan made to a borrower located outside Vermont for use outside Vermont. (Added 2019, No. 20, § 2; amended 2021, No. 25, § 7, eff. May 12, 2021.)
8 V.S.A. § 2125
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 72 - General Provisions|§ 2125. Report to Nationwide Multistate Licensing System and Registry

§ 2125. Report to Nationwide Multistate Licensing System and Registry|(a) Subject to State privacy and confidentiality laws, and subject to section 2126 of this title, the Commissioner shall report regularly violations of this part, enforcement actions, and other relevant information to the Nationwide Multistate Licensing System and Registry.(b) A licensee may challenge information the Commissioner reports to the Nationwide Multistate Licensing System and Registry in accordance with 3 V.S.A. chapter 25 and any rules adopted by the Commissioner on hearing procedures. (Added 2019, No. 20, § 2.)
8 V.S.A. § 2126
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 72 - General Provisions|§ 2126. Confidentiality

§ 2126. Confidentiality|In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:  (1)(A) The privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry, and any privilege arising under federal or state law with respect to such information or material, including the rules of any federal or state court, shall continue to apply to the information or material after the information or material is disclosed to the Nationwide Multistate Licensing System and Registry.  (B) The Commissioner may share the information and material with state and federal regulatory officials who have oversight authority without affecting the privilege or confidentiality protections provided by federal law or state law.  (2) The Commissioner may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, State Regulatory Registry LLC, or other associations representing governmental agencies. (3) Information or material that is subject to privilege or confidentiality under subdivision (1) of this section is not subject to:  (A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (B) subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to a privilege held by the Nationwide Multistate Licensing System and Registry, the person to whom such information or material pertains waives the privilege.  (4) This section does not apply to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that are included in the Nationwide Multistate Licensing System and Registry for access by the public. (Added 2019, No. 20, § 2.)
8 V.S.A. § 2202a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2202a. Application for commercial lender license

§ 2202a. Application for commercial lender license|(a) Application for a license for a lender making solely commercial loans shall be in writing, under oath, and in the form prescribed by the Commissioner, and shall contain the name and address of the residence and the place of business of the applicant and, if the applicant is a partnership or association, of every member thereof, and, if a corporation, of each officer, director, and control person thereof; the county and municipality with street and number, if any, where the business is to be conducted; and such further information as the Commissioner may require.(b) At the time of making application, the applicant shall pay to the Commissioner an initial licensing fee and an application and investigation fee pursuant to subdivision 2102(b)(2) of this title.(c) In connection with an application for a commercial lender license, the applicant and each officer, director, and control person of the applicant shall furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity and the identity of each of the applicant's officers, directors, and control persons, including:  (1) fingerprints for submission to the Federal Bureau of Investigation and for any other governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check; (2) personal history and experience in a form prescribed by the NMLS, including the submission of authorization for the NMLS and the Commissioner to obtain information related to any administrative, civil, or criminal findings by any governmental jurisdiction; and (3) any other information required by the NMLS or the Commissioner. (Added 2009, No. 134 (Adj. Sess.), § 24c; amended 2019, No. 20, § 6.)
8 V.S.A. § 2203a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2203a. Additional bond; liquid assets to be maintained

§ 2203a. Additional bond; liquid assets to be maintained|(a) If the Commissioner finds at any time that a licensee's bond is insecure, exhausted, insufficient, or otherwise doubtful, the Commissioner shall require one or more additional bonds meeting the standards set forth in section 2203 of this title. The licensee shall file the bond within 10 days of the Commissioner's written demand to do so.(b) Every licensee, except as set forth in subsection (c) of this section, shall maintain at all times assets in amounts as set forth in section 2203 of this title, or in such greater amount deemed necessary by the Commissioner. Assets must be either in liquid form available for the operation of or actually used in the conduct of such business at the location specified in the license.(c) Every licensee making commercial loans shall maintain liquid assets in an amount deemed necessary by the Commissioner, but in no event less than $50,000.00. (Amended 1983, No. 35, § 3; 1989, No. 244 (Adj. Sess.), § 3; 1995, No. 162 (Adj. Sess.), § 8, eff. Jan. 1, 1997; 2009, No. 29, § 1; 2019, No. 20, § 8.)
8 V.S.A. § 2204b
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2204b. Testing of mortgage loan originators

§ 2204b. Testing of mortgage loan originators|(a) An individual applying for a mortgage loan originator license shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry and administered by a test provider approved by the Nationwide Multistate Licensing System and Registry based upon reasonable standards.(b) A written test shall not be treated as a qualified written test for purposes of subsection (a) of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:  (1) ethics; (2) federal law and regulation pertaining to mortgage origination; (3) State law and regulation pertaining to mortgage origination; and (4) federal and State law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.   (c) Nothing in this section shall prohibit a test provider approved by the Nationwide Multistate Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant.(d) An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent correct answers to questions.(e) An individual may take a test three consecutive times, with each consecutive test occurring at least 30 days after the preceding test. After failing three consecutive tests, an individual shall wait at least six months before taking the test again.(f) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator. (Added 2009, No. 29, § 1; amended 2011, No. 85 (Adj. Sess.), § 4, eff. April 20, 2012; 2019, No. 20, § 11.)
8 V.S.A. § 2204d
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2204d. Mortgage loan originator license inactive status

§ 2204d. Mortgage loan originator license inactive status|The license of a mortgage loan originator that has satisfied all of the requirements of licensure, other than being employed by a licensed lender or licensed mortgage broker, may be placed in an approved inactive status. (Amended 1995, No. 162 (Adj. Sess.), § 7, eff. Jan. 1, 1997; 2009, No. 29, § 1; 2013, No. 29, § 5, eff. May 13, 2013; ; 2019, No. 20, § 13.)
8 V.S.A. § 2208a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2208a. Mortgage loan originator change of employer or sponsor

§ 2208a. Mortgage loan originator change of employer or sponsor|(a) No mortgage loan originator may be employed, supervised, and sponsored by more than one licensed lender or licensed mortgage broker operating in this State. Alternatively, a mortgage loan originator may be an individual sole proprietor who is also licensed as a lender or mortgage broker in this State.(b) A mortgage loan originator shall notify the Commissioner and update its status on the Nationwide Mortgage Licensing System and Registry within 15 days of any change in the employer and sponsor of the mortgage loan originator subsequent to the initial employer and sponsor. A fee of $50.00 payable to the Commissioner shall accompany notice of such change of employer and sponsor. (Added 2009, No. 134 (Adj. Sess.), § 19.)
8 V.S.A. § 2217
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2217. Mortgage brokers

§ 2217. Mortgage brokers|(a) No licensee or other person shall act as a mortgage broker in any transaction in which the licensee or such other person is acting as a mortgage lender.(b) Each mortgage broker required to be licensed under this chapter shall retain for a minimum of six years after a contract is executed pursuant to section 2219 of this title, the original contract between the mortgage broker and the prospective borrower, a copy of the settlement statement, an account of fees received in connection with the loan, correspondence, papers, or records relating to the loan and such other documents as the Commissioner may require.(c) A mortgage broker and a mortgage loan originator shall only negotiate, place, or assist in placement of Vermont mortgage loans with lenders licensed pursuant to this chapter, or with depository institutions authorized to do such business in Vermont. (Added 1995, No. 162 (Adj. Sess.), § 18, eff. Jan. 1, 1997; amended 2009, No. 29, § 1.)
8 V.S.A. § 2218
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2218. Segregated accounts

§ 2218. Segregated accounts|(a) All permitted charges paid by loan applicants or borrowers to a lender or a mortgage broker subject to this chapter shall be deposited in one or more accounts maintained at a bank approved by the Commissioner, and with respect to such funds the lender or mortgage broker shall act as a fiduciary. Such account or accounts shall be segregated from all other accounts of the lender or broker. No permitted charges shall be used in the conduct of a lender's or a broker's personal affairs, nor in a lender's or a broker's business affairs not specifically related to the applicant or borrower.(b) Such lender or mortgage broker may withdraw funds from the segregated account for payment directly to third parties for authorized fees.(c) Such lender or mortgage broker may withdraw funds from the segregated account for commissions to which it is entitled for services actually performed. Services are deemed to have been performed when a loan has closed, the loan applicant has withdrawn the loan application in writing, or such mortgage broker or lender has provided to the loan applicant or borrower written notice that the loan has been denied.(d) Such lender or mortgage broker may return funds from the segregated account to the borrower if not prohibited by the application or contract.(e) Such lender or mortgage broker shall maintain complete and accurate account records, including, at a minimum, the source of all deposits, the nature of all disbursements, the date and amount of each transaction, and the name of the loan applicant or borrower. All documents pertaining to account activity shall be produced upon request of the Commissioner. (Added 1995, No. 162 (Adj. Sess.), § 19, eff. Jan. 1, 1997; amended 2009, No. 29, § 1.)
8 V.S.A. § 2219
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2219. Contract required of mortgage broker

§ 2219. Contract required of mortgage broker|(a) In advance of taking any fee or collecting any charges or at the time the prospective borrower submits a signed application, a written agreement in a form approved by the Commissioner shall be prepared by the mortgage broker and shall be signed by both the mortgage broker and the prospective borrower. The agreement shall set forth the particulars of the service to be performed by the mortgage broker, including specifics as to what shall constitute reasonable efforts on the part of the mortgage broker to perform the agreed upon services, shall state clearly that the mortgage broker shall represent the interests of the prospective borrower rather than those of any lender, and shall state the fee for the services.(b) A mortgage broker who acts as an independent contractor loan processor or an underwriter who performs loan processing or underwriting activities for a licensed or exempt mortgage broker or lender is not required to provide a mortgage broker agreement to the prospective borrower, provided:  (1) the mortgage broker is acting as an independent contractor loan processor or underwriter as described in subsection 2201(g) of this chapter; (2) the mortgage broker's activities are limited to loan processor or underwriting activities as described in subdivision 2200(6) of this chapter; (3) the mortgage broker is paid a fee solely by the licensed or exempt mortgage broker or lender, is not paid by the prospective borrower, and is not paid a commission based upon the dollar amount of the loan; and (4) if the mortgage broker is acting as an independent contractor loan processor or underwriter on behalf of a mortgage broker, such mortgage broker has already entered into a written mortgage broker agreement with the prospective borrower.   (c) A mortgage broker that engages solely in lead generation and does not employ or sponsor any mortgage loan originators is not required to provide a mortgage broker agreement but must include clearly and conspicuously in all advertisements of loans and solicitation of leads, the following disclosure: THIS IS A LOAN SOLICITATION ONLY. [INSERT LICENSEE NAME] IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR LOAN INQUIRY. THE LENDER MAY NOT BE SUBJECT TO ALL VERMONT LENDING LAWS. THE LENDER MAY BE SUBJECT TO FEDERAL LENDING LAWS. (Added 1995, No. 162 (Adj. Sess.), § 20, eff. Jan. 1, 1997; amended 2009, No. 29, § 1; 2013, No. 29, § 6, eff. May 13, 2013; 2017, No. 22, § 24; 2019, No. 20, § 23.)
8 V.S.A. § 2220
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2220. Disclosure required by mortgage lender

§ 2220. Disclosure required by mortgage lender|In advance of taking any fee or collecting any charges for a mortgage loan, or at the time the prospective borrower submits a signed application, a written disclosure shall be provided by the lender to the prospective borrower setting forth all provisions relating to interest rates applicable to the loan, and specific disclosure regarding any possibility that the lender may change its role to that of a mortgage broker. This section shall not apply to commercial loans. (Added 1995, No. 162 (Adj. Sess.), § 21, eff. Jan. 1, 1997; amended 2009, No. 29, § 1.)
8 V.S.A. § 2220a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2220a. Disclosure required by loan solicitation licensee

§ 2220a. Disclosure required by loan solicitation licensee|Each loan solicitation licensee shall include clearly and conspicuously in all advertisements of loans and solicitations of leads, the following statement: THIS IS A LOAN SOLICITATION ONLY. [INSERT LICENSEE NAME] IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR LOAN INQUIRY. THE LENDER MAY NOT BE SUBJECT TO ALL VERMONT LENDING LAWS. THE LENDER MAY BE SUBJECT TO FEDERAL LENDING LAWS. (Added 2017, No. 22, § 25.)
8 V.S.A. § 2221
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2221. Out-of-state mortgage loans

§ 2221. Out-of-state mortgage loans|A mortgage loan made outside Vermont for use outside Vermont shall be deemed to be made outside the state of Vermont and shall not be subject to this chapter except upon written agreement of the borrower and the licensee. (Added 1995, No. 162 (Adj. Sess.), § 22, eff. Jan. 1, 1997; amended 2009, No. 29, § 1.)
8 V.S.A. § 2222
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2222. Examinations

§ 2222. Examinations|The Commissioner shall examine the affairs, business, and records of each licensee under this chapter, other than a loan solicitation company, at least once every three years. The Commissioner shall examine the affairs, business, and records of each loan solicitation company as often as the Commissioner deems necessary to carry out the purposes of this part. (Amended 1979, No. 157 (Adj. Sess.), § 6; 1987, No. 119, § 6; 1995, No. 162 (Adj. Sess.), § 23, eff. Jan. 1, 1997; 1997, No. 23, § 6a; 1999, No. 153 (Adj. Sess.), § 16, eff. Jan. 1, 2001; 2009, No. 29, § 1; 2019, No. 20, § 24.)
8 V.S.A. § 2223
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 73 - Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies|§ 2223. Additional records required of loan solicitation licensees

§ 2223. Additional records required of loan solicitation licensees|(a) In addition to any records required by section 2119 of this title, a licensee that engages in loan solicitation activity shall maintain the following records for not less than seven years:  (1) copies of all solicitation materials used in its business, regardless of medium, including business cards, telephone scripts, mailers, electronic mail, and radio, television, and Internet advertisements; (2) records of any contact or attempted contact with a consumer, including the name, date, method, and nature of contact, and any information provided to or received from the consumer; and (3) the name, address, and, if applicable, unique identifier of any person who received, requested, or contracted for leads or referrals and any fees or consideration charged or received for such services.   (b) Thereafter, the licensee shall dispose of such records in accordance with 9 V.S.A. § 2445. (Amended 1995, No. 162 (Adj. Sess.), § 24, eff. Jan. 1, 1997; 2009, No. 29, § 1; 2017, No. 22, § 26, eff. May 4, 2017; 2019, No. 20, § 25.)