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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Cashing and Currency Exchange License This license is required of any company or sole proprietorship who engages in check cashing or currency exchange.
Commercial Lender License This license is required of any company or sole proprietorship who engages in the business of making solely commercial loans in Vermont.
Debt Adjuster License This license is required for any company or person who: • enters into, or succeeds to, an agreement with a debtor to distribute, supervise, coordinate, negotiate, or control money to one or more creditors; • provides services as an intermediary between a debtor and creditor to obtain a concessions; • solicits debt adjustment services from within Vermont, or Vermont residents; or, • provides, or offers to provide, debt adjustment services, directly or through others, to Vermont residents • provides a program or strategy which includes a proposed or actual payment or schedule of payments to be made by or on behalf of the debtor.
Lender License This license is required of any company or sole proprietorship who engages in the business of making loans in Vermont.
Litigation Funding Registration 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.
Loan Servicer License This license is required of any company or sole proprietorship who receives scheduled periodic payments from a borrower pursuant to the terms of a residential mortgage loan, including amounts for escrow accounts, and makes the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract.
Loan Solicitation License This license will become in NMLS starting May 22, 2017. Any company or person who for compensation or gain, or in the expectation of compensation or gain: (i) offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower; (ii) engages in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation; (iii) arranges, in whole or in part, a loan through a third party, regardless of whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including mail, telephone, Internet, or any electronic means; or (iv) advertises or causes to be advertised in Vermont a loan or any of the services described in (i) –(iii). This license does not include the authority to engage in the business of making loans.
Money Transmitter License This license is required of any company or sole proprietorship who engages in the business of money services, which includes selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location within or outside of the United States. A licensed money transmitter may also engage in check cashing or currency exchange.
Mortgage Broker - Sole Proprietor License This Mortgage Broker License is for a sole proprietorship, for whom no person other than the individual sole proprietor is authorized to act under the license.
Mortgage Broker License 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, on real property for others.
Sales Finance License This license is required of any company or person who purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
Branch Licenses Description Requirements Checklist
Check Cashing and Currency Exchange Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, including all limited stations and mobile locations, that: • is owned and operated by a Check Cashing and Currency Exchange licensee; and, • provides check cashing and/or currency exchange to Vermont residents
Commercial Lender License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Commercial Lender License, which engages in the business of making solely commercial loans in Vermont.
Debt Adjuster Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, that: • is owned and operated by a Debt Adjuster licensee; and, • engages Vermont residents in debt adjustment services.
Lender License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Lender License, which engages in the business of making loans in Vermont.
Loan Servicer Branch License This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Loan Servicer License, which engages in the business of residential mortgage loan servicing.
Loan Solicitation Branch License This license will become in NMLS starting May 22, 2017. Any company or person who for compensation or gain, or in the expectation of compensation or gain: (i) offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower; (ii) engages in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation; (iii) arranges, in whole or in part, a loan through a third party, regardless of whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including mail, telephone, Internet, or any electronic means; or (iv) advertises or causes to be advertised in Vermont a loan or any of the services described in (i) –(iii). This license does not include the authority to engage in the business of making loans. Each branch location desiring to conduct business under this license authority must be separately licensed and must submit a Branch Form (MU3) application through NMLS to obtain such license.
Money Transmitter Branch Registration This registration is required for any location (other than the corporate address), whether located in Vermont or not, including all limited stations and mobile locations, that: • is owned and operated by a Money Transmitter licensee; and, • provides money services to Vermont residents
Money Transmitter Kiosk ATM Registration Any location, including a limited station or mobile unit, owned and/or operated by a Money Transmitter Licensee or anyone that engages in the business of selling or issuing payment instruments to Vermont residents, selling or issuing stored value to Vermont residents, or receiving money or monetary value from Vermont residents for transmission to a location within or outside of the United States. Note: Every Kiosk/ATM needs to have a designated Kiosk/ATM manager which in NMLS terms is called a Branch Manager. See 8 V.S.A. Chapter 72, General Provisions; 8 V.S.A. Chapter 79, Money Services Act; and 8 V.S.A. 10302 for required consumer disclosure information at Kiosks.
Mortgage Broker License (Branch) This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Mortgage Broker License, which engages in mortgage broker activities.
Sales Finance Branch License This license is required for all locations, whether located in Vermont or not, and in addition to the main address identified on the company Sales Finance License, which purchases one or more retail installment contracts from one or more retail sellers located in Vermont.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is S.A.F.E. compliant and is required on or before July 1, 2010 of any individual who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan. (More details) (More Details)
 

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