Vermont § 2916 - Segregated accounts
Full text of Vermont Vermont Statutes Online § 2916 — Segregated accounts, with citation guidance and answers to common questions.
§ 2916. Segregated accounts
- (a) All amounts paid by borrowers to a licensee subject to this chapter shall be deposited
in one or more accounts maintained at a federally insured depository institution and
with respect to such funds, the licensee shall act as a fiduciary. Such account or
accounts shall be segregated from all other accounts of the licensee. Such funds shall
not be used in the conduct of the licensee’s personal affairs or in the licensee’s
business affairs. (b) The licensee may withdraw funds from the segregated account for payment directly to
the owner of the loan or other third party of principal and interest and other payments
as may be required pursuant to the terms of the loan document or servicing contract. (c) The licensee may withdraw funds from the segregated account for commissions to which
it is entitled for services actually performed. (d) The licensee may return funds from the segregated account to the borrower if not prohibited. (e) The licensee shall maintain complete and accurate account records, including, at a
minimum, the source of all deposits, the nature and recipient of all disbursements,
the date and amount of each transaction, and the name of the borrower. All documents
pertaining to account activity shall be produced upon request of the Commissioner. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)
Frequently Asked Questions About Vermont § 2916
What does Vermont Statutes Online § 2916 cover?
Section 2916 ("Segregated accounts") 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 § 2916?
A common citation format is "Vermont Statutes Online § 2916" (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 § 2916 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.