The Vermont Department of Financial Regulation recently canceled its combined license option. The transition period, which began on July 1, 2021, ends on September 30, 2021.
Businesses that hold a combined license will need to revert to one or more of the following individual licenses, as applicable, to operate: Lender’s License, Mortgage Broker’s License, Loan Solicitation License, and / or Loan Manager License . License holders will be required to switch to each individual license type through NMLS by submitting a company form request (MU1) and an individual form (MU2) for each of their control persons or a branch form request ( MU3), as appropriate. In addition, companies will need to obtain electronic bonds for each of the new licenses in order to pass the NMLS completeness check. The bond amount at the license holder’s head office must also be increased by the appropriate amount for each business license, although the transition is not necessary for any branch that holds only one type of license. To avoid delays in transitioning, the Vermont Department of Financial Regulation encourages current licensees to update their NMLS forms before applying for the transition to the new license types.