State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-73 > 2209
§ 2209. Renewal of license
(a) On or before December 1 of each year, every licensee shall renew its license for the next succeeding calendar year and shall pay to the commissioner a renewal of license fee. At a minimum, the licensee shall continue to meet the standards for license issuance under section 2204 of this title. At the same time, the licensee shall maintain with the commissioner a bond in the amount and of the character as required by section 2203 of this title or as required by the commissioner under section 2207 of this title. The license renewal fee shall be:
(1) For the renewal of lender's license, $1,200.00.
(2) For the renewal of a mortgage broker's license, other than a mortgage broker that meets each of the requirements of subdivision (A)-(C), of this subsection, $500.00.
(3) For the renewal of a mortgage broker's license that meets each of the following requirements, $250.00:
(A) The mortgage broker license is held by an individual sole proprietor.
(B) No person, other than the individual sole proprietor, is authorized to act as a mortgage broker under this license.
(C) The mortgage broker originated five or fewer loans within the last calendar year.
(4) For the renewal of a sales finance company's license, $350.00.
(5) For the renewal of a mortgage loan originator license, $100.00.
(b) Any license originally issued on or after November 1 of the current year shall be valid for the next succeeding year.
(c) An individual holding a mortgage loan originator license must also satisfy the annual continuing education requirement of section 2209a of this title. The license of any mortgage loan originator who fails to pay the annual renewal fee or fails to satisfy all of the minimum license renewal standards by December 1 shall automatically expire on December 31. (Amended 1983, No. 35, § 4; 1987, No. 117, § 6; 1995, No. 162 (Adj. Sess.), § 10, eff. Jan. 1, 1997; 1997, No. 23, § 6; 2005, No. 72, § 3; 2009, No. 29, § 1.)
