§ 2219 - Contract required of mortgage broker - Vermont Statutes

§ 2219. Contract required of mortgage broker

In advance of taking any fee or collecting any charges, or at the time the prospective borrower submits a signed application, a written agreement in a form approved by the commissioner shall be prepared by the mortgage broker, and shall be signed by both the mortgage broker and the prospective borrower. The agreement shall set forth the particulars of the service to be performed by the mortgage broker, including specifics as to what shall constitute reasonable efforts on the part of the mortgage broker to perform the agreed upon services, shall state clearly that the mortgage broker shall represent the interests of the prospective borrower rather than those of any lender, and shall state the fee for the services. (Added 1995, No. 162 (Adj. Sess.), § 20, eff. Jan. 1, 1997; amended 2009, No. 29, § 1.)