The Banking Division regulates the below listed non-depository financial services. These entities must obtain licensure in Vermont to conduct business. The division uses the Nationwide Multistate Licensing System and Registry (NMLS) to manage the licensure process. Through the NMLS, companies are able to apply for, amend, and renew license authority conveniently and safely online. You can access the NMLS online.
Attention: New company license applications are required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.
Questions regarding Vermont licenses may be directed to email@example.com or by calling 802-828-3307.
This license is required of any company or sole proprietorship who engages in the business of making solely commercial loans in Vermont.
This license is required of any company or sole proprietorship that contracts with a debtor to distribute, supervise, coordinate, negotiate, or control the distribution of money to one or more of the debtor's creditors in full or partial payment of an obligation.
This license is required of any company or sole proprietorship 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 other consideration; and, any person that solicits or makes loans by mail, telephone or electronic means to a Vermont resident, notwithstanding where the loan is legally made. Loans include, but are not limited to, secured and uncsecured consumer loans, mortgage loans, and commercial loans.
Litigation Funding Company
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.
This license is required of any company or sole proprietorship who engages in the business of servicing a residential mortgage loan, directly or indirectly, owed or due or asserted to be owed or due to a third party.
This license is required of any company or person who for compensation or gain: offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower; engages in lead generation; arranges a loan through a third party, through any method, including mail, telephone, Internet, or any electronic means; or advertises in Vermont such services.
This license is required of any company or sole proprietorship who engages in the business of selling or issuing payment instruments, prepaid access, or receiving money or monetary value for transmission to another location.
Check Cashing and Currency Exchange
This license is required of any company or sole proprietorship who engages in the business of cashing checks or providing currency exchange.
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, secured by Vermont real property for others.
Mortgage Broker - Sole Proprietor
This license is designed specifically for a sole proprietorship who engages in limited (5 or fewer loans per calendar year)mortgage broker activity, for whom no person other than the individual sole proprietor is authorized to act under the license.
Mortgage Loan Originator
This license is required of any individual who for compensation or gain or in the expectation of compensation or gain:
- takes a residential mortgage loan application;
- offers or negotiates terms of a residential mortgage loan; or
- represents to the public through advertising or other means of communicating or providing information that the individual can or will perform the above services.
Sales Finance Company
This license is required of any company or sole proprietorsship who purchases one or more retail installment contracts from one or more retail sellers located in Vermont.