As previously announced, Vermont has modified various provisions of its statutes regulating licensed lenders (see http://blog.docutechcorp.com/compliance-news-vermont-modifies-laws-concerning-money-lender-entities). Among these amendments were ones to Vt. Stat. Ann. tit. 8, § 2241, which states the following (in relevant part):
“(a) It is a violation of this chapter for a person or individual to: . . .
(15) fail to clearly and conspicuously identify the licensee and the purpose of the contact in its written and oral communications with a consumer . . .”
To ensure compliance with this provision, we will be providing a new, generic “Vermont Document Package Cover Sheet” (Cx21436) which discloses the name of the licensed lender (or broker, if field 18205 “Lender is a Broker” equals “Yes”) and licensed mortgage loan originator, who are providing the document package. It also provides a brief explanation of the purposes of the document package, as well as initial lines for the recipient to acknowledge receipt.
This document will be configured to be a “cover sheet,” so it will be the first document to appear in the document package. It will be configured to print for all Vermont loans in Adverse Action, Appraisal, Closing, Initial Disclosure, Pre-Closing, Pre-Disclosure, Redisclosure, and TILA Redisclosure package types.
This new document will begin printing in VT packages on May 12, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
UPDATE (June 1, 2017): We are replacing the initial lines on Cx21436 with signature lines, in order to be signed
electronically via eSign. This change will take effect immediately.