Vermont § 2233 - Charges; loan solicitation; specialized financing

§ 2233. Charges; loan solicitation; specialized financing

• (a) Other than a mortgage broker fee pursuant to section 2219 of this title, no person who is required to be licensed under this chapter, shall directly or indirectly
  charge, contract for, or receive any interest, discount, consideration, or charge
  greater than is authorized by 9 V.S.A. § 41a or 46. No such loan for which a greater rate of interest, finance charge, consideration,
  or charges than is authorized by 9 V.S.A. § 41a or 46 has been charged, contracted for, or received shall be enforced in this State, and
  every person in any way participating therein in this State shall be subject to the
  provisions of this chapter. However, any loan legally made in any state which then
  had in effect a regulatory loan law similar in principle to this chapter may be enforced
  in this State only to the extent of collecting the principal amount owed and interest
  thereon at a rate not greater than that authorized by 9 V.S.A. § 41a or 46. (b) A loan solicited or made by mail, telephone, or electronic means to a Vermont resident
  shall be subject to the provisions of this chapter notwithstanding where the loan
  was legally made. No person shall engage in the business of soliciting or making loans
  by mail, telephone, or electronic means to residents of this State unless duly licensed.
  Such licensee shall be subject to the applicable provisions of this title and 9 V.S.A. chapters 4, 59, and 61, but shall not be required to have or maintain a place of business in the State. (c) No person other than a depository institution, pawnbroker, insurance company, or seller
  of merchandise or services shall engage in specialized financing, including tuition
  plans or other such financing, but not including insurance premium financing, for
  residents of this State unless duly licensed. Such licensee shall be subject to the
  applicable provisions of this title and 9 V.S.A. chapters 4, 59, and 61, but shall not be required to maintain a place of business in this State. Such financing
  may include more than one loan per borrower. A license granted to such lenders shall
  be explicit in its authority with respect to the types of business permitted. (Amended 1969, No. 243 (Adj. Sess.), § 7; 1975, No. 76; 1979, No. 173 (Adj. Sess.), § 10, eff. April 30, 1980; 1983, No. 77, § 2; 1995, No. 162 (Adj. Sess.), § 33, eff. Jan. 1, 1997; 2009, No. 29, § 1.)