2017 Vermont Statutes
Title 8 - Banking and Insurance
Chapter 85 - Loan Servicers
§ 2900 Definitions
§ 2900. Definitions
As used in this chapter:
(1) "Commercial loan" means any loan or extension of credit that is described in 9 V.S.A. § 46(1), (2), or (4). The term does not include a loan or extension of credit that is secured by an owner occupied one- to four-unit dwelling.
(2) "Commissioner" means the Commissioner of Financial Regulation.
(3) "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 10 percent or more of the voting securities or other interest of any other person.
(4) "Depository institution" has the same meaning as in Section 3 of the Federal 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 Deposit Insurance Act. For purposes of this chapter, "depository institution" also includes any credit union organized and regulated as such under the laws of the United States or any state or territory of the United States.
(5) "Dwelling" has the same meaning as in subsection 103(v) of the Truth in Lending Act, 15 U.S.C. § 1602(v).
(6) "Individual" means a natural person.
(7) "Loan" means a residential mortgage loan.
(8) "Nationwide Mortgage Licensing System and Registry" means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or any successor to the Nationwide Mortgage Licensing System and Registry.
(9) "Person" shall have the meaning set forth in 1 V.S.A. § 128 and includes a natural person, corporation, company, limited liability company, partnership, or association.
(10) "Residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on either a dwelling or residential real estate, upon which is constructed or intended to be constructed a dwelling.
(11) "Residential real estate" means any real property located in Vermont, upon which is constructed or intended to be constructed a dwelling.
(12) "Servicing" means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract. In the case of a home equity conversion mortgage or a reverse mortgage, servicing includes making payment to the borrower.
(13) "Third party loan servicer" means a person who engages in the business of servicing a loan, directly or indirectly, owed or due or asserted to be owed or due another. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
