In Vermont any company or person who engages in the business of making loans of money, credit, goods, or things in action and charges, contracts for or receives on any such loan interest, a finance charge, discount, or consideration must provide a Vermont licensed lender bond and be appropriately licensed by the state. Every applicant, whether located in Vermont or not, desiring to engage in the business of making loans in Vermont must obtain a separate license for EACH office and provide the corresponding Vermont licensed lender surety bond. A licensed lender may process his or her license through the National Mortgage Licensing System (NMLS). The bond must be written in varying amounts based on volume: for who annually originate $0.00 to $1,000,000.00 in loans, a surety bond not less than $50,000.00; for those who annually originate $1,000,000.01 to $15,000,000.00 in loans, a surety bond not less than $100,000.00; and, for those who annually originate $15,000,000.01 or more in loans, a surety bond not less than $150,000.00. The Vermont licensed lender bond must stipulate that the licensee faithfully conform to, and abide by each and every provision of Title 8 Vermont Statutes Annotated, Chapter 73 and of all rules and regulations and orders lawfully made by the Commissioner, and will pay to the Commissioner of Banking, Insurance, Securities and Health Care Administration, State of Vermont, and to any person or persons having a right of action against the Obligors any and all monies that may become due. National surety leader, Surety One, Inc. underwrites both the surety and fidelity bond needs of the mortgage industry in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for an Vermont licensed lender bond application or information on ANY surety or fidelity bond need.
