2005 Vermont Code - § 2200. — Definitions

§ 2200. Definitions

As used in this chapter:

(1) "Bank," shall mean institutions organized and regulated as such under the laws of the United States or any state or territory of the United States and which are engaged in the business of banking, and shall also include any Vermont financial institution as defined in subdivision 11101(65) of this title, any insured depository institution as such term is defined by the Federal Deposit Insurance Act, 12 U.S.C. § 1813(c)(2), and a bank not organized within the United States, or a United States or state branch or agency thereof, which is conducting business pursuant to the International Banking Act of 1978, 12 U.S.C. § 3101 et seq. For purposes of this chapter, "bank" shall also include credit unions organized and regulated as such under the laws of the United States or any state or territory of the United States.

(2) "Commercial loan" means any loan or extension of credit that is described in section 46(1), (2) or (4) of Title 9 and that is in excess of $25,000.00. The term does not include a loan or extension of credit for the purpose of farming, as defined in section 6001(22) of Title 10.

(3) "Commissioner" means the commissioner of banking, insurance, securities, and health care administration.

(4) "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more of the voting securities or other interest of any other person.

(5) "Holder" shall have the meaning set forth in section 1-201(20) of Title 9A.

(6) "Insurance company" shall mean an institution organized and regulated as such under the laws of the state of Vermont or any state or territory of the United States.

(7) "Licensee" means any person subject to the provisions of section 2201 of this title.

(8) "Mortgage broker" means any person 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. The term shall not include real estate brokers or salespersons, as defined in section 2211 of Title 26, who in connection with services performed in a prospective real estate transaction, provide mortgage information or assistance to a buyer, if such real estate broker or real estate salesperson is not compensated for providing such mortgage information or assistance in addition to the compensation received from the seller or buyer for such real estate services. The term shall not include attorneys licensed to practice law in this state acting in their professional capacity. The term shall not include persons engaged in the foregoing activities solely in connection with the sale, assignment, or other transfer of one or more previously originated loans.

(9) "Mortgage loan" means a loan secured primarily by a lien against real estate.

(10) "Person" shall have the meaning set forth in section 128 of Title 1.

(11) "Sales finance company" means any person who has purchased one or more retail installment contracts, as defined in sections 2351(5) and 2401(7) of Title 9, from one or more retail sellers located in this state. Taking one or more retail installment contracts as security for a loan or loans shall not be construed as purchasing for purposes of this definition. (Added 1995, No. 162 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended 1995, No. 180 (Adj. Sess.), § 38(a); 1997, No. 98 (Adj. Sess.), § 2, eff. April 16, 1998; 1999, No. 153 (Adj. Sess.), § 11, eff. Jan. 1, 2001.)