Vermont § 2901 - License required
Full text of Vermont Vermont Statutes Online § 2901 — License required, with citation guidance and answers to common questions.
§ 2901. License required
- (a) No person shall act as a third party loan servicer, directly or indirectly, for a
loan to a Vermont borrower without first obtaining a license under this chapter from
the Commissioner. (b) No license shall be required of: (1) a depository institution; (2) a lender licensed under chapter 73 of this title that retains the servicing rights
on a loan originally closed in the lender’s name and subsequently sold in whole or
in part to a third party, provided that the provisions of sections 2916 (segregated
accounts) and 2922 (prohibited acts and practices) of this title shall apply to such
lender; (3) a debt adjuster licensed in this State; (4) an attorney licensed in this State when collecting a debt on behalf of a client; or (5) bona fide nonprofit organizations, exempt from taxation under Section 501(c) of the Internal Revenue Code, that are approved by the Department of Housing and Urban Development as housing
counseling agencies, that have a physical location in Vermont, and that lend state
or federal funds. (c) This chapter shall not apply to commercial loans. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)
Frequently Asked Questions About Vermont § 2901
What does Vermont Statutes Online § 2901 cover?
Section 2901 ("License required") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 2901?
A common citation format is "Vermont Statutes Online § 2901" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 2901 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.