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

Frequently Asked Questions

Jurisdiction Specific Forms

New company license applications are required to meet all surety bond requirements by completing the electronic surety bond process.


Annual Report of Licensee for YE 12/31/2023 is now in electronic form. Due April 1, 2024. Note: This report is not required for Licensed Lenders that engage in only residential mortgage lending.

Vermont Related/Referenced Statutes and Regulations

Who is required to have this license?

Any company or person who engages in the business of making 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.  Loans include, but are not limited to, secured and unsecured consumer loans, mortgage loans, and commercial loans.  [Note: The company’s main office must be licensed as a lender prior to, or simultaneously with, the filing of a branch lender license.]
Each location, whether located in Vermont or not, desiring to engage in the business of making loans in Vermont must obtain a separate license by filing a Form MU3 through the NMLS.
A loan solicited or made by mail, telephone or electronic means to a Vermont resident is subject to licensing notwithstanding where the loan is legally made. No person may engage in the business of soliciting or making 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. § 1101(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
What are the fees?

Initial Application:

$2,100.00 (includes a $1000.00 Licensing Fee, a $1000.00 Investigation Fee; and the $100 NMLS processing fee)

Additional Applications:

  • Corporate licenses - $1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $100.00 NMLS processing fee)
  • Branch licenses - $1,030.00  (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $30.00 NMLS processing fee)


  • Corporate licenses -  $1,300.00 (Includes $100 NMLS processing fee)
  • Branch licenses - $1,230.00 (Includes $30 NMLS processing fee)
  • Change in Address: $100.00
What are the prerequisites for license application?

Applicant must be licensed to engage in lending activity in its state of domicile and must be in good standing in its state of domicile with its banking regulator or equivalent financial industry regulator.

  • Liquid Assets:
    • $ 25,000.00, per license
    • $ 50,000.00, per license for commercial lending
    • or such greater amount as may be required
  • Bond amount: $ 50,000.00, minimum amount (the required bond amount increases based upon the dollar amount of loans originated in Vermont)
  • Registered Agent recorded with the Vermont Secretary of State.