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Commercial Lender


The State of Vermont participates in the Nationwide Multistate Licensing System (NMLS).  All applications for a commercial lender license must be submitted through NMLS.


Who is required to have this license?
Who does not need this license?
What are the fees?
What are the pre-requisites for license application?

Additional Information

Report: Vermont Non-Mortgage Lender Licensee Annual Report

Commercial Lenders Licensees that make non-mortgage loans are required to complete this Annual Report.

Vermont Related/Referenced Statutes and Regulations

Title 8, V.S.A. Chapter 73, Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies
Title 8, V.S.A. Chapter 72, General Provisions

Banking Regulation B-2018-01, Privacy of Consumer Financial and Health Information Regulation

Who is required to have this license?

Any company or person who engages solely in the business of making commercial loans of money, credit, goods, or things in action and charges, contracts for or receives on any such loan interest, a finance charge, discount, or consideration therefore.  Commercial loans do not include a loan or extension of credit secured in whole or in part by an owner occupied one-to-four unit dwelling.  [Note: The company’s main office must be licensed as a commercial lender prior to, or simultaneously with, the filing of a branch commercial lender license.]
Each location, whether located in Vermont or not, desiring to engage in the business of making commercial loans in Vermont must obtain a separate license by filing a Form MU3 through the NMLS.
A commercial loan solicited or made by mail, telephone or electronic means to a Vermont business is subject to licensing notwithstanding where the loan is legally made. No person may engage in the business of soliciting or making commercial loans by mail, telephone or electronic means in Vermont unless duly licensed.

Who does not need this license?

The following is a partial list of exceptions.  For a complete list of exceptions, please refer to 8 V.S.A. § 2201(d) 

  • a  depository institution [see the definition of “depository institution” in 8 V.S.A. § 11101(32)] 
  • an insurance company 
  • lenders making  commercial loans of 1,000,000.00 or more 
  • a seller of goods or services that finances the sale of such goods or services, other than a residential mortgage loan a person making an unsecured commercial loan that is expressly subordinate to the prior payment of all senior indebtedness of the commercial borrower regardless of whether such senior indebtedness exists at the time of the loan or arises thereafter, and the loan does not include the right to convert all or a portion of the amount due on the loan to an equity interest in the commercial borrower 

What are the fees?

Initial Application:

$1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee; and the $100 NMLS processing fee)

Additional Applications:

Branch licenses - $1,020.00  (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $20.00 NMLS processing fee)


  • Corporate licenses -  $600.00 (Includes $100 NMLS processing fee)
  • Branch licenses - $520.00 (Includes $20 NMLS processing fee)
  • Change in Address: $100.00

What are the prerequisites for license application?

Registered Agent recorded with the Vermont Secretary of State.