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.
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VT LEG 279304.1
(4) “Depository institution” has the same meaning as in Section 3 of theFederal Deposit Insurance Act, 12 U.S.C. § 1813(c), which includes any bank and any savings association as defined in Section 3 of the Federal DepositInsurance Act. For purposes of this chapter, “depository institution” alsoincludes any credit union organized and regulated as such under the laws of theUnited States or any state or territory of the United States.(5)(A) “Employee” means, subject to subdivision (B) of this subdivision(5), an individual whose manner and means of work are subject to the right of control of, or are controlled by, a person, and whose compensation for federalincome tax purposes is reported, or required to be reported, on a W-2 formissued by the controlling person;(B) For purposes of a registered mortgage loan originator as definedin subdivision (22) of this section, the term employee has such bindingdefinition as may be issued by the federal banking agencies in connection withtheir responsibilities under the federal Secure and Fair Enforcement forMortgage Licensing Act of 2008.(6) “Engage in the business of a mortgage loan originator” means to actas, or to hold oneself out as acting as, or to represent to the public that one canprovide the services of a mortgage loan originator, in a commercial context andwith some degree of habitualness or repetition. Habitualness or repetition ismet if either the individual who acts as a mortgage loan originator does so with
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VT LEG 279304.1
a degree of habitualness or repetition or the source of the prospective financingprovides such financing or performs other phases of origination of residentialmortgage loans with a degree of habitualness or repetition. Acting in acommercial context is met if either the individual or an entity for which theindividual acts does so for the purpose of obtaining profit rather thanexclusively for governmental or family purposes.(5)(7) “Federal banking agencies” means the Board of Governors of theFederal Reserve System, the Comptroller of the Currency, the Office of ThriftSupervision, the National Credit Union Administration, and the FederalDeposit Insurance Corporation or any successor of any of these.(6)(8) “Holder” shall have the meaning set forth in 9 9A V.S.A.§ 1-201(b)(21).(9) “Housing finance agency” means any authority:(A) that is chartered by a state to help meet the affordable housingneeds of the residents of the state;(B) that is supervised directly or indirectly by the state government;(C) that is subject to audit and review by the state in which itoperates; and(D) whose activities make it eligible to be a member of the NationalCouncil of State Housing Agencies.
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