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
- Who is required to have this registration?
- Who does not need this license?
- What are the fees?
- What are the prerequisites for license application?
Annual Report of Licensee for YE 12/31/2022 is now in electronic form. Due April 1, 2023.
Vermont Related/Referenced Statutes and Regulations
- Title 8, V.S.A. Chapter 74, Consumer Litigation Funding Companies
- Title 8, V.S.A. Chapter 72, General Provisions
Who is required to have this registration?
Any company that engages in the business of entering into a non-recourse 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.
Who does not need this license?
No exceptions are identified in statute.
What are the fees?
$500.00 (includes a $200 Licensing Fee and a $300 Investigative Fee)
- $100.00 Annual NMLS processing fee
- $200.00 Renewal Fee
What are the prerequisites for license application?
- Bond amount: $ 50,000.00, minimum amount or such sum as the commissioner may require.
- Registered Agent recorded with the Vermont Secretary of State.