Vermont law has an exemption from the licensing requirements of the Department of Financial Regulation (DFR) for lenders that conduct their lending activities, other than residential mortgage loan activities, through revolving loan funds. To be exempt, lenders must be nonprofit organizations exempt from taxation under Section 501(c) of the Internal Revenue Code, and they must register and maintain their registration with the Commissioner of the Department of Economic Development (8 V.S.A. § 2201(d)(9)). The Commissioner maintains a Registry of Non-Profit Revolving Loan Funds in accordance with 10 V.S.A. § 690a.
Please note: If you conduct residential lending activities and do not otherwise qualify for an exemption under 8 V.S.A. Chapter 73, you are not exempt from the licensing requirements of the Vermont Department of Banking, Insurance, Securities and Health Care and MUST comply with Vermont’s Licensed Lender Statute, 8 V.S.A. Chapter 73.
Please confirm your desire to retain your exemption and remain on the registry by completing this form.
With your prompt cooperation, we will be able to continue to maintain the registry without the required $50 annual fee.