The Vermont Loan Solicitation Bond is required by the State of Vermont in the amount of $25,000. The bond states that the bondholder shall faithfully conform and abide by the provisions of Vermont Statutes. As well as the rules, regulations, and orders made by the Commissioner.
Who needs the Vermont Loan Solicitation Bond?
Any individual or company that offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower must be licensed. The Loan Solicitation bond is one of the licensing requirements. Authorized activities under this license includes lead generation and Commercial Mortgage Brokering or Lending. Consumer Loan Brokering is also authorized.
What are other licensing requirements?
The State of Vermont participates in the National Multistate Licensing System (NMLS). All applicants for a Loan Solicitation license should submit their applications through the NMLS. Additional items to be submitted include:
- Payment of $500 for the license fee, $500 for the application fee and $100 for the NMLS processing fee
- Company form MU1
- Financial statements
- Bank account
- Credit report
- FBI Criminal Background check
- Business plan
- Certificate of Authority/Good Standing Certificate
- Management Chart
- Organizational chart/description
How do I obtain a Vermont Loan Solicitation Bond?
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your Vermont Loan Solicitation bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been in the business since 2003. We are licensed in all 50 states and our services have earned an A+ rating from the Better Business Bureau.
Call us toll free at 877-654-2327. We have live surety bond agents available Monday – Friday, 8:00 – 4:30 PST. We’re glad to help.