Vermont § 2223 Additional records required of loan solicitation licensees

Vermont Statutes

§ 2223 — Additional records required of loan solicitation licensees

Vermont·Title 8 Title 8: Banking and Insurance·Ch. 73 Chapter 073: Licensed Lenders, Mortgage Brokers, Mortgage Loan Originators, Sales Finance Companies, and Loan Solicitation Companies

(a)In addition to any records required by section 2119 of this title, a licensee that engages in loan solicitation activity shall maintain the following records for not less than seven years:

(1)copies of all solicitation materials used in its business, regardless of medium, including business cards, telephone scripts, mailers, email, and radio, television, and internet advertisements;

(2)records of any contact or attempted contact with a consumer, including the name, date, method, and nature of contact, and any information provided to or received from the consumer; and

(3)the name, address, and, if applicable, unique identifier of any person who received, requested, or contracted for leads or referrals and any fees or consideration charged or received for such services.

(b)Thereafter

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(a) In addition to any records required by section 2119 of this title, a licensee that engages in loan solicitation activity shall maintain the following records for not less than seven years:
(1) copies of all solicitation materials used in its business, regardless of medium, including business cards, telephone scripts, mailers, email, and radio, television, and internet advertisements;
(2) records of any contact or attempted contact with a consumer, including the name, date, method, and nature of contact, and any information provided to or received from the consumer; and
(3) the name, address, and, if applicable, unique identifier of any person who received, requested, or contracted for leads or referrals and any fees or consideration charged or received for such services.
(b) Thereafter, the licensee shall dispose of such records in accordance with 9 V.S.A. § 2445. (Amended 1995, No. 162 (Adj. Sess.), § 24, eff. Jan. 1, 1997; 2009, No. 29, § 1; 2017, No. 22, § 26, eff. May 4, 2017; 2019, No. 20, § 25.)

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