Vermont Mortgage Loan Servicer Bond

VermontA new bill was enacted in the State of Vermont relating to mortgage loan servicers. The new law is titled SB 287 and requires mortgage loan servicers to be licensed and to acquire a $100,000 surety bond conditioned on the cooperation with the applicable laws and policies; including the payment of all funds due to any individual and the State. The Commissioner of Banking, Insurance, Securities, and Health Care Administration has the ability to alter the amount of the surety bond. The surety’s aggregate liability is restricted to the surety bond quantity.