Vermont Statutes Title 8 Sec. 2112
Terms Used In Vermont Statutes Title 8 Sec. 2112
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
§ 2112. Surrender of license; no effect on liability; reinstatement
(a) A licensee may surrender a license by delivering to the Commissioner notice that the licensee surrenders the license.
(b) Surrender shall not affect the licensee’s administrative, civil, or criminal liability for acts committed prior to surrender. A revocation, suspension, termination, refusal to renew, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract.
(c) The Commissioner may reinstate a revoked, suspended, terminated, expired, inactive, or nonrenewed license or issue a new license to a licensee whose license was revoked, suspended, terminated, expired, inactive, or nonrenewed if no fact or condition then exists that would have warranted the Commissioner to refuse to issue the license under this part; provided, however, that the Commissioner shall not issue a new license or reinstate a license to a mortgage loan originator whose license was revoked unless the revocation order is vacated. (Added 2019, No. 20, § 2.)