2011 Vermont Code
Title 08 Banking and Insurance
Chapter 73 LICENSED LENDERS
§ 2212 Surrender of license, no effect on liability; reinstatement

§ 2212. Surrender of license, no effect on liability; reinstatement

(a) Any licensee may surrender any license by delivering to the commissioner the license and notice that the licensee thereby surrenders such license.

(b) Surrender shall not affect the licensee's administrative, civil, or criminal liability for acts committed prior to surrender. No revocation, suspension, refusal to renew, or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.

(c) The commissioner shall have authority to reinstate revoked, suspended, expired, inactive, or nonrenewed licenses or to issue new licenses to a licensee whose license or licenses shall have been revoked, suspended, expired, inactive, or nonrenewed if no fact or condition then exists which clearly would have warranted the commissioner in refusing originally to issue such license under this chapter, provided, however, that the commissioner shall not issue a new license or reinstate a license to any mortgage loan originator whose license has been revoked unless the revocation order has been vacated. (Amended 1995, No. 162 (Adj. Sess.), { 13, eff. Jan. 1, 1997; 2009, No. 29, { 1.)