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Financial Services Law Insights and Observations

Vermont amends licensing provisions

Licensing State Issues State Legislation Vermont

On May 12, the Vermont governor signed SB 88, which amends various provisions related to insurance, banking, and securities, including those related to licensing applications and the annual renewal process. Among other things, the act (i) repeals certain licensing fees related to mortgage broker applications and loan servicer license renewals; (ii) increases the fee that licensees who do not timely file annual reports will be charged from $100 to $1,000 for each month or part of a month that the report is past due; (iii) specifies that mortgage loan originators and a licensee’s employees may work remotely provided they are assigned to a licensed location, are “adequately supervised by the licensee,” and meet any addition required conditions; and (iv) repeals certain provisions related to the surrender of a license in the event it is suspended, revoked, or terminated. The licensing amendments take effect immediately.