2005 Vermont Code - § 2217. — Mortgage brokers

§ 2217. Mortgage brokers

(a) No licensee or other person shall act as a mortgage broker in any transaction in which the licensee or such other person is acting as a mortgage lender.

(b) Each mortgage broker required to be licensed under this chapter shall retain for a minimum of six years after a contract is executed pursuant to section 2219 of this title, the original contract between the mortgage broker and the prospective borrower, a copy of the settlement statement, an account of fees received in connection with the loan, correspondence, papers or records relating to the loan and such other documents as the commissioner may require.

(c) A mortgage broker shall only negotiate, place or assist in placement of Vermont mortgage loans with lenders licensed pursuant to this chapter, or with banks, savings and loan associations, credit unions, or insurance companies authorized to do such business in Vermont. (Added 1995, No. 162 (Adj. Sess.), § 18, eff. Jan. 1, 1997.)