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Avoid Predatory Lending: “Consumer Beware” Borrowing Advice

There are numerous national and federal banks doing business in Vermont. Even though they are headquartered here, or operate branches in Vermont, the State of Vermont does not regulate them. Therefore the State of Vermont Banking Division has no authority over them with regard to consumer complaints. <!–more–>The Vermont Banking Division is an agency of the Vermont Department of Banking, Insurance, Securities & Health Care Administration. Vermont has regulatory authority over Vermont state-chartered financial institutions and licensed lenders. These may include banks, savings and loan companies, credit unions, mortgage brokers and other individuals or companies called “licensed lenders”.

Watch List:
Check the State of Vermont Banking Division “Unlicensed Entities” for a list of suspicious lenders.

Before signing any loan agreement with any “licensed lender”… Protect yourself from fraud and other lending abuses. Make sure the lender actually has a license to do business in Vermont. To find out, call the Banking Division at 802-828-3307.

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