Vermont § 2102 - Application for license

§ 2102. Application for license

• (a) Application for a license or registration shall be in writing, under oath, and in
  the form prescribed by the Commissioner and shall contain the legal name, any fictitious
  name or trade name, and the address of the residence and place of business of the
  applicant; if the applicant is a partnership corporation, limited liability company,
  partnership, or other entity, the name and title of each key individual and person
  in control of the applicant; 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 an application, the applicant shall pay to the Commissioner
  a fee for investigating the application and a license or registration fee for a period
  terminating on the last day of the current calendar year. The following fees are imposed
  on applicants: (1) For an application for a lender license under chapter 73 of this title, $1,000.00
  as a license fee and $1,000.00 as an application and investigation fee for the initial
  license. For each additional lender license from the same applicant, $500.00 as a
  license fee and $500.00 as an application and investigation fee. (2) For an application for a lender license under chapter 73 of this title for a lender
  only making commercial loans, $500.00 as a license fee and $500.00 as an application
  and investigation fee. (3) For an application for a mortgage broker license under chapter 73 of this title, other
  than a mortgage broker that meets each of the requirements of subdivisions (4)(A)
  and (B) of this subsection, $500.00 as a license fee and $500.00 as an application
  and investigation fee. (4) For an application for a mortgage broker license under chapter 73 of this title that
  meets each of the following requirements, $250.00 as a license fee and $250.00 as
  an application and investigation fee: (A) the applicant is an individual sole proprietor; and (B) no person, other than the applicant, shall be authorized to act as a mortgage broker
  under the applicant’s license. (5) For an application for a mortgage loan originator license under chapter 73 of this
  title, $50.00 as a license fee and $50.00 as an application and investigation fee. (6) For an application for a sales finance company license under chapter 73 of this title,
  $350.00 as a license fee and $350.00 as an application and investigation fee. (7) For an application for a loan solicitation license under chapter 73 of this title,
  $500.00 as a license fee and $500.00 as an application and investigation fee. (8) [Repealed.] (9) For an application for a consumer litigation funding company registration under chapter
  74 of this title, $200.00 as a registration fee and $300.00 as an application and
  investigation fee. (10) For an application for a money transmission license under chapter 79 of this title,
  $1,000.00 as a license fee, $1,000.00 as an application and investigation fee, and
  $25.00 as a license fee for each authorized delegate location. (11) For an application for a check cashing and currency exchange license under chapter
  79 of this title, $500.00 as a license fee and $500.00 as an application and investigation
  fee. (12) For an application for a debt adjuster license under chapter 83 of this title, $250.00
  as a license fee and $500.00 as an application and investigation fee. (13) For an application for a loan servicer license under chapter 85 of this title, $1,000.00
  as a license fee and $1,000.00 as an application and investigation fee. (14) For an application for a personal information protection company license under chapter
  78 of this title, $500.00 as a license fee and $500.00 as an application and investigation
  fee. (c) In connection with an application for a license, the applicant, each key individual,
  each person in control of the applicant, and any other person the Commissioner requires
  in accordance with NMLS guidelines or other multistate agreements shall furnish to
  the Nationwide Multistate Licensing System and Registry information concerning each
  person’s identity, including: (1) fingerprints for submission to the Federal Bureau of Investigation, and any 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 Nationwide Multistate
  Licensing System and Registry, including the submission of authorization for the Nationwide
  Multistate Licensing System and Registry and the Commissioner to obtain: (A) an independent credit report and credit score obtained from a consumer reporting agency
  described in 15 U.S.C. § 1681a for the purpose of evaluating the applicant’s financial responsibility at the time
  of application; and the Commissioner may obtain additional credit reports and credit
  scores to confirm the licensee’s continued compliance with the financial responsibility
  requirements of this part; and (B) information related to any administrative, civil, or criminal findings by any governmental
  jurisdiction; (3) if the individual has resided outside the United States at any time in the last 10
  years, an investigative background report prepared by an independent search firm that
  meets the following minimum requirements: (A) the search firm demonstrates that it has sufficient knowledge, resources, and employs
  accepted and reasonable methodologies to conduct the research of the background report; (B) the search firm is not affiliated with nor has an interest with the individual it
  is researching; and (C) the investigative background report is written in the English language and contains
  the following: (i) if available in the individual’s current jurisdiction of residency, a comprehensive
  credit report, or any equivalent information obtained or generated by the independent
  search firm to accomplish such report, including a search of the court data in the
  countries, provinces, states, cities, towns, and contiguous areas where the individual
  resided and worked; (ii) criminal records information for the past 10 years, including felonies, misdemeanors,
  or similar convictions for violations of law in the countries, provinces, states,
  cities, towns, and contiguous areas where the individual resided and worked; (iii) employment history; (iv) media history, including an electronic search of national and local publications,
  wire services, and business applications; and (v) financial services-related regulatory history, including money transmission, securities,
  banking, insurance, and mortgage-related industries; and (4) any other information required by the NMLS or the Commissioner. (d) The applicant shall provide a list of any material litigation in which the applicant
  has been involved in the 10-year period preceding the submission of the application. (e) If an applicant is a corporation, limited liability company, partnership, or other
  entity, the applicant shall also provide: (1) the date of the applicant’s incorporation or formation and state or country of incorporation
  or formation; (2) if applicable, a certificate of good standing from the state or country in which the
  applicant is incorporated or formed; (3) a brief description of the structure or organization of the applicant, including any
  parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly
  traded; (4) the legal name, any fictitious or trade name, all business and residential addresses,
  and the employment, in the 10-year period preceding the submission of the application,
  of each key individual and person in control of the applicant; (5) a list of any criminal convictions, material litigation, or disciplinary actions in
  which any executive officer, manager, responsible individual, director of, or individual
  in control of, the applicant has been involved in the 10-year period preceding the
  submission of the application; (6) a copy of the applicant’s audited financial statements for the most recent fiscal
  year and, if available, for the two-year period preceding the submission of the application; (7) a copy of the applicant’s unconsolidated financial statements for the current year,
  whether audited or not, and, if available, for the two-year period preceding the submission
  of the application; (8) if the applicant is publicly traded, a copy of the most recent 10-K report filed with
  the U.S. Securities and Exchange Commission; and (9) if the applicant is a wholly owned subsidiary: (A) a copy of audited financial statements for the parent company for the most recent
  fiscal year; and (B) of a corporation publicly traded in the United States, a copy of the parent corporation’s
  most recent 10-K report filed with the U.S. Securities and Exchange Commission, or
  if the applicant is a wholly owned subsidiary of a corporation publicly traded outside
  the United States, a copy of similar documentation filed with the regulator of the
  parent corporation’s domicile outside the United States. (f) If the applicant is not an individual, the name and address of the applicant’s registered
  agent in this State. (g) Upon the filing of an application, the Commissioner shall investigate the financial
  condition and responsibility, financial and business experience, character, and general
  fitness of the applicant and any person named in the application. The Commissioner
  may conduct an on-site investigation of the applicant, the cost of which the applicant
  shall bear pursuant to section 18 of this title. (h) This section does not apply to a person applying for a commercial lender license under
  section 2202a of this title. (Added 2019, No. 20, § 2; 2019, No. 70, § 1; amended 2019, No. 103 (Adj. Sess.), § 2; 2021, No. 25, § 2, eff. May 12, 2021; 2023, No. 110 (Adj. Sess.), § 30, eff. July 1, 2024.)