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2017 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 73 - Licensed Lenders
§ 2224 Annual report, mortgage call reports

Universal Citation: 8 V.S.A. § 2224
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§ 2224. Annual report, mortgage call reports

(a) Annually, on or before April 1, each licensed lender, mortgage broker, sales finance company, and loan solicitation licensee shall file a report with the Commissioner giving such relevant information as the Commissioner reasonably may require concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within the State. Such report shall be made under oath and shall be in the form prescribed by the Commissioner, who shall make and publish annually an analysis and recapitulation of such reports. For good cause, the Commissioner may extend the due date for the annual report required by this subsection. If a licensee does not file its annual report on or before April 1, or within any extension of time granted by the Commissioner, the licensee shall pay to the Department $100.00 for each month or part of a month that the report is past due.

(b) Annually, within 90 days of the end of its fiscal year, each licensed lender, mortgage broker, sales finance company, and loan solicitation licensee shall file financial statements with the Commissioner in a form and substance satisfactory to the Commissioner, which financial statements must include a balance sheet and income statement. This subsection does not apply to a lender making only commercial loans.

(c) Each licensed lender, mortgage broker, mortgage loan originator, and loan solicitation licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (Added 1995, No. 162 (Adj. Sess.), § 25, eff. Jan. 1, 1997; amended 1999, No. 153 (Adj. Sess.), § 17, eff. Jan. 1, 2001; 2003, No. 105 (Adj. Sess.), § 10; 2009, No. 29, § 1; 2009, No. 134 (Adj. Sess.), § 24h; 2011, No. 21, § 4, eff. May 11, 2011; 2017, No. 22, § 27, eff. May 4, 2017.)

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