Login to NMLS
   
Skip Navigation Links
State Licensing Requirements
Multistate MSB Licensing Agreement Program
Common Requirements
Annual Renewal
Advance Change Notice
ESB for Licenses
Financial Statements
Policy
Professional Standards
Mortgage Call Report
Money Services Businesses Call Report
Temporary Authority to Operate
Uniform Authorized Agent Reporting
Resources & Support
Quick Guides - Company
Quick Guides - Individual
Report Samples
NMLS Call Center Information
Account Administration
Policy/Help Documents
NMLS Password
NMLS Expanded Industries

 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Cashing and Currency Exchange License This license is required of any company or sole proprietorship who engages in check cashing or currency exchange.
Commercial Lender License This license is required of any company or sole proprietorship who engages in the business of making solely commercial loans in Vermont.
Debt Adjuster License This license is required for any company or person who: • enters into, or succeeds to, an agreement with a debtor to distribute, supervise, coordinate, negotiate, or control money to one or more creditors; • provides services as an intermediary between a debtor and creditor to obtain a concessions; • solicits debt adjustment services from within Vermont, or Vermont residents; or, • provides, or offers to provide, debt adjustment services, directly or through others, to Vermont residents • provides a program or strategy which includes a proposed or actual payment or schedule of payments to be made by or on behalf of the debtor.
Lender License This license is required of any company or sole proprietorship who engages in the business of making loans in Vermont.
Litigation Funding Registration This registration is required of any company that engages in the business of entering into a nonrecourse transaction in which the company purchases and a consumer assigns to the company a contingent right to receive an amount of the potential net proceeds of a settlement or judgment obtained from the consumer’s legal claim. If no proceeds or net proceeds are obtained, the consumer is not required to repay the company the funded amount or charges.
Loan Servicer License This license is required of any company or sole proprietorship who receives scheduled periodic payments from a borrower pursuant to the terms of a residential mortgage loan, including amounts for escrow accounts, and makes the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract.
Loan Solicitation License This license will become in NMLS starting May 22, 2017. Any company or person who for compensation or gain, or in the expectation of compensation or gain: (i) offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower; (ii) engages in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation; (iii) arranges, in whole or in part, a loan through a third party, regardless of whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including mail, telephone, Internet, or any electronic means; or (iv) advertises or causes to be advertised in Vermont a loan or any of the services described in (i) –(iii). This license does not include the authority to engage in the business of making loans.
Money Transmitter License This license is required of any company or sole proprietorship who engages in the business of money services, which includes selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location within or outside of the United States. A licensed money transmitter may also engage in check cashing or currency exchange.
Mortgage Broker - Sole Proprietor License This Mortgage Broker License is for a sole proprietorship, for whom no person other than the individual sole proprietor is authorized to act under the license.
Mortgage Broker License This license is required of any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans, other than commercial loans, on real property for others.
Sales Finance License This license is required of any company or person who purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
VT Combination of License Types The Vermont Department of Financial Regulation Combination of License Types option (“Combination License”) has been rescinded per Sec. 2. 8 V.S.A. §2102. Companies that hold a Combination License will need to transition back to the appropriate licenses needed to conduct their business: Lender License, Mortgage Broker License, Loan Solicitation License, and/or Loan Servicer License through NMLS by filing a Company Form (MU1) application and an Individual Form (MU2) for each of their control persons. The firm will need to obtain electronic surety bonds for each of the new licenses in order to pass the NMLS completeness check. The firm must also complete the transition process for each branch, if any, which holds a Combination License. See “Vermont Combination License Transition Checklist (Branch)” for more complete instructions. The transition period will begin on July 1, 2021 and will end on September 30, 2021. The transition is not optional.
    Branch Licenses Description Requirements Checklist
    Check Cashing and Currency Exchange Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, including all limited stations and mobile locations, that: • is owned and operated by a Check Cashing and Currency Exchange licensee; and, • provides check cashing and/or currency exchange to Vermont residents
    Commercial Lender License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Commercial Lender License, which engages in the business of making solely commercial loans in Vermont.
    Debt Adjuster Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, that: • is owned and operated by a Debt Adjuster licensee; and, • engages Vermont residents in debt adjustment services.
    Lender License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Lender License, which engages in the business of making loans in Vermont.
    Loan Servicer Branch License This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Loan Servicer License, which engages in the business of residential mortgage loan servicing.
    Loan Solicitation Branch License This license will become in NMLS starting May 22, 2017. Any company or person who for compensation or gain, or in the expectation of compensation or gain: (i) offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower; (ii) engages in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation; (iii) arranges, in whole or in part, a loan through a third party, regardless of whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including mail, telephone, Internet, or any electronic means; or (iv) advertises or causes to be advertised in Vermont a loan or any of the services described in (i) –(iii). This license does not include the authority to engage in the business of making loans. Each branch location desiring to conduct business under this license authority must be separately licensed and must submit a Branch Form (MU3) application through NMLS to obtain such license.
    Money Transmitter Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, including all limited stations and mobile locations, that: • is owned and operated by a Money Transmitter licensee; and, • provides money services to Vermont residents
    Mortgage Broker License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Mortgage Broker License, which engages in mortgage broker activities.
    Sales Finance Branch License This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Sales Finance License, which purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
    VT Combination of License Types The Vermont Department of Financial Regulation Combination of License Types option (“Combination License”) has been rescinded per Sec. 2. 8 V.S.A. §2102. Companies that hold a Combination License at the branch level will need to transition back to the appropriate licenses: Lender License, Mortgage Broker License, Loan Solicitation License, and/or Loan Servicer License through NMLS by filing a Branch Form (MU3) application. The transition period will begin on July 1, 2021 and will end on September 30, 2021. The transition is not optional. Each branch location must be separately licensed.
      Individual Licenses Description Requirements Checklist
      Mortgage Loan Originator License This license is S.A.F.E. compliant and is required on or before July 1, 2010 of any individual who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan. (More details) (More Details)
       

      ©2021 SRR LLC       Terms of Use  |  Privacy Notice  |  SRR Home