H.182 (Act 22) An act relating to certain businesses regulated by the Department of Financial Regulation

This act pertains to certain companies that provide financial services and are regulated by the Department of Financial Regulation. Among other things, it requires three-year renewals for consumer litigation funding companies; it amends the licensing requirements for licensed lenders, money transmitters, check cashers and currency exchangers, and loan servicers; it creates a new type of license applicable to mortgage brokers who engage in “lead generation,” as well as a new license for lenders, generally, who engage in “loan solicitation.”

It defines “virtual currency” for purposes of Vermont’s money transmitter law.