Vermont Consolidates and Modernizes its Banking Provisions
Vermont has passed S.154 an act which provides for a multitude of miscellaneous modifications to its banking provisions. The purpose of the act is to consolidate and modernize the laws and regulations relating to non-depository licensing and compliance. The provisions of S.154 take effect July 1, 2019.
Among the many revisions and updates included in the act are: the consolidation of common provisions spanning several chapters which govern the different types of non-depository lenders that operate within the state, changes to the exam cycles for loan solicitation companies, modifications to administrative penalties to bring consistency among all licensees, the addition of provisions authorizing the Department of Financial Regulation to provide advisory opinions and other letters, and the updating of references to federal laws and regulations.
The full text of the modifications may be found at: https://legislature.vermont.gov/Documents/2020/Docs/ACTS/ACT020/ACT020%20As%20Enacted.pdf
Adam Faria, JD, is a regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at Suffolk University Law School. He is admitted to the bar in Massachusetts and New Hampshire.
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