Applicants to the State of Vermont Commissioner of Banking, Insurance, Securities & Health Care Administration (the “Commissioner”) for a license to transact the business of mortgage brokerage must furnish a Mortgage Broker Surety Bond to ensure adherence to the provision of Vermont Statutes and the rules, regulations and orders set forth by the Commissioner. Furthermore, the surety bond guarantees payment to the Commissioner of Banking, Insurance, Securities and Health Care Administration, State of Vermont, or any third party having a right to action against the bonded principal resulting from violation of the aforementioned provisions, rules, regulations or legally binding orders.
