The State of Vermont participates in the Nationwide Multistate Licensing System (NMLS). All applications for a commercial lender license must be submitted through NMLS.
Annual Report of Licensee for YE 12/31/2019 is now in electronic form. Due April 1, 2020. Note: This report is not required for Licensed Lenders that engage in only residential mortgage lending.
Note: This due date has been moved to June 1, 2020 in light of the COVID-19 pandemic.
Vermont Related/Referenced Statutes and Regulations
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.
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
$1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee; and the $100 NMLS processing fee)
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
Registered Agent recorded with the Vermont Secretary of State.