VT LEG 279304.1
No. 85. An act relating to regulating licensed lenders and mortgage loanoriginators.
(H.565)It is hereby enacted by the General Assembly of the State of Vermont:Sec. 1. 8 V.S.A. § 2200 is amended to read:§ 2200. DEFINITIONSAs used in this chapter:(1) “Commercial loan” means any loan or extension of credit that isdescribed in 9 V.S.A. § 46(1), (2), or (4). The term does not include a loan orextension of credit secured in whole or in part by an owner occupied one- tofour-unit dwelling.(2) “Commissioner” means the commissioner of banking, insurance,securities, and health care administration.(3) “Control” means the possession, direct or indirect, of the power todirect or cause the direction of the management or policies of a person,whether through the ownership of voting securities, by contract other than acommercial contract for goods or nonmanagement services, or otherwise,unless the power is the result of an official position with or corporate officeheld by the person. Control shall be presumed to exist if any person, directlyor indirectly, owns, controls, holds with the power to vote, or holds proxiesrepresenting, 10 percent or more of the voting securities or other interest of anyother person.