Vermont § 2922 - Prohibited acts and practices

§ 2922. Prohibited acts and practices

• (a) It is a violation of this chapter for a person to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead
  borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice toward any person; (3) obtain property by fraud or misrepresentation; (4) use any unfair or unconscionable means in servicing a loan; (5) knowingly misapply or recklessly apply loan payments to the outstanding balance of
  a loan; (6) knowingly misapply or recklessly apply payments to escrow accounts; (7) require the unnecessary forced placement of insurance, when adequate insurance is
  currently in place; (8) fail to provide loan payoff information within the time period set forth in 27 V.S.A. § 464; (9) charge excessive or unreasonable fees to provide loan payoff information; (10) fail to manage and maintain escrow accounts in accordance with section 10404 of this title; (11) knowingly or recklessly provide inaccurate information to a credit bureau, thereby
  harming a consumer’s creditworthiness; (12) fail to report both the favorable and unfavorable payment history of the consumer
  to a nationally recognized consumer credit bureau at least annually if the servicer
  regularly reports information to a credit bureau.; (13) collect private mortgage insurance beyond the date for which private mortgage insurance
  is no longer required; (14) knowingly or recklessly facilitate the illegal foreclosure of real property collateral; (15) knowingly or recklessly facilitate the illegal repossession of chattel collateral; (16) fail to respond to consumer complaints in a timely manner; (17) conduct any business covered by this chapter without holding a valid license as required
  under this chapter, or assist or aid and abet any person in the conduct of business
  under this chapter without a valid license as required under this chapter; (18) fail to comply with any federal or state law, rule, or other legally binding authority
  relating to the evaluation of loans for modification purposes or the modification
  of loans; (19) fail to comply with this chapter or rules adopted under this chapter, or fail to comply
  with any orders or directives from the Commissioner, or fail to comply with any other
  state or federal law, including the rules thereunder, applicable to any business authorized
  or conducted under this chapter. (b) A violation of this section is an unfair and deceptive act or practice under 9 V.S.A. § 2453, provided that the Commissioner’s determinations concerning the interpretation and
  administration of the provisions of this chapter and any rules adopted thereunder
  shall carry a presumption of validity. Prior to initiating an action for a violation
  of this chapter, the Attorney General shall consult with the Commissioner regarding
  the proposed action. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)