State of Vermont participates in the Nationwide Multistate Licensing System (NMLS). All applications for a sales finance license must be submitted through NMLS.
Annual Report of Licensee for YE 12/31/2022 is now in electronic form. Due April 1, 2023.
Frequently Asked Questions
- Who is required to have this license?
- Who does not need this license?
- What are the fees?
- What are the prerequisites for license application?
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
- Title 9, V.S.A. Chapter 59 - Motor Vehicle Financing
- Title 9, V.S.A. Chapter 61 - Retail Installment Sales
- 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 purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
Each location, whether located in Vermont or not, desiring to act as a sales finance company must obtain a separate license.
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
- a seller of goods or services that finances the sale of such goods or services, other than a residential mortgage loan
- a person who takes one or more retail installment contracts as a security for a loan or loans.
What are the fees?
$800.00 (includes a $350.00 Licensing Fee, a $350.00 Investigation Fee; and the $100 NMLS processing fee)
Branch licenses - $720.00 (includes a $350.00 Licensing Fee, a $350.00 Investigation Fee, and $20.00 NMLS processing fee)
- Corporate licenses - $450.00 (Includes $100 NMLS processing fee)
- Branch licenses - $370.00 (Includes $20 NMLS processing fee)
- Change in Address: $100.00
What are the prerequisites for license application?
- Applicant must be licensed to engage in sales finance 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.
- Bond amount: Not required.
- Registered Agent recorded with the Vermont Secretary of State.