Terms Used In Vermont Statutes > Title 8 > Chapter 85 - Loan Servicers

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Allegation: something that someone says happened.
• Animal: means any animal other than a human and includes fowl, birds, fish, and reptiles. See
• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Apprentice plumber: means any person, employed by a master plumber or under the direction of a master plumber or a journeyman plumber, who is engaged in learning and assisting in the installation of plumbing and water treatment or heating specialties under an apprenticeship program properly registered with the Vermont Apprenticeship Council. See
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• ARRT: means the American Registry of Radiologic Technologists. See
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• biennially: shall mean the year in which a regular session of the General Assembly is held. See
• board: means the governing board of the communications union district as established under this chapter. See
• Board: means the Plumber's Examining Board created under this chapter. See
• Board: means the Vermont Board of Veterinary Medicine created under this chapter. See
• Board: means the Board of Psychological Examiners established under this chapter. See
• broker: means any person who, for another, for a fee, commission, salary, or other consideration, or with the intention or expectation of receiving or collecting such compensation from another, engages in or offers or attempts to engage in, either directly or indirectly, by a continuing course of conduct, any of the following acts:

• Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See
• Cable television: means cable television system as defined in chapter 13 of this title. See
• Commission: means the Public Utility Commission of this State. See
• Commission: means the Vermont Real Estate Commission. See
• Commissioner: means the Commissioner of Public Safety. See
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Communications plant: means any and all parts of any communications system owned by the district, whether using wires, cables, fiber optics, wireless, other technologies, or a combination thereof, and used for the purpose of transporting or storing information, in whatever forms, directions, and media, together with any improvements thereto hereafter constructed or acquired, and all other facilities, equipment, and appurtenances necessary or appropriate to such system. See
• Community development: means the economic and social development of communities through commercial and industrial development, creating job opportunities and training for rural residents, and providing better housing, health, educational, recreational, and other rural community facilities. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• Cooperative: means a corporation organized under this chapter or which becomes subject to this chapter in the manner hereinafter provided. See
• Cooperative: means a corporation organized under, or otherwise subject to, chapter 81 of this title. See
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dental operation: means :

• Direct supervision: means that the person being supervised remains in the physical presence of the supervisor at all times. See
• Director: means the Director of the Office of Professional Regulation. See
• Director: means the Director of the Office of Professional Regulation. See
• Director: means the Director of the Office of Professional Regulation. See
• disciplinary cases: includes any action taken by a board against a licensee or applicant premised upon a finding of wrongdoing or unprofessional conduct by the licensee or applicant. See
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• district: means a communications union district formed under this chapter. See
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Electric facilities: means any facilities necessary or incidental to the generation of electric power and energy or the transmission thereof, including electric generating units, electric generating plants, electric transmission lines, plant sites, rights-of-way, and real and personal property and equipment, and rights of every kind useful in connection therewith. See
• Energy: includes electrical, propane, natural gas, fossil fuels, and other forms of energy. See
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Financial interest: means being:

• Financial interest: means being:

• Financial interest: means being:

• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• General supervision: means that the supervisor is readily available for consultation or intervention on the premises where radiologic technology services are being provided. See
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Home state: means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer. See
• Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
• Insurer: means any person engaged in the business of insurance in this State. See
• insurer: means any person, firm, association, or corporation duly licensed to transact an insurance business in this State. See
• Interactive media: means communications media that is regularly used to transmit information in two directions. See
• Internet: means collectively the computer and telecommunications facilities, including equipment and operating software, that comprise the interconnected network of networks that employ the transmission control protocol/Internet protocol, or any predecessor or successor protocols to such protocol, to communicate information of any kind, whether by wire or wireless means. See
• Journeyman plumber: means any person licensed under this chapter who installs plumbing and water treatment or heating specialties under the direction of a master plumber. See
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
• Landscape architect: means a person who complies with all provisions of this chapter and is licensed by the Director to engage in the practice of landscape architecture. See
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative body: means the selectboard, the alderboard, city council, or board of trustees of a municipality or an incorporated village. See
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a document issued by the Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See
• License: means an authorization granted by the Director to practice landscape architecture. See
• Licensed practitioner: means a person licensed under this title to practice medicine, osteopathy, advanced practice registered nursing, dentistry, podiatry, naturopathic medicine, or chiropractic. See
• Licensed veterinarian: means a person who is validly and currently licensed by the Board to practice veterinary medicine in Vermont. See
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited lines producer: means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter. See
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan: means a residential mortgage loan. See
• Master plumber: means any person, licensed under this chapter, that, as a business, installs plumbing systems, hires or employs a person or persons to do plumbing work, or supervises journey plumbers or apprentice plumbers in completion of their work. See
• member municipality: means a town or city that elects to form or join a communications union district under this chapter. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipal electric utility: means any city, town, village, or department thereof, within this State, authorized to and engaged in the manufacture, distribution, purchase, and sale of electricity in this State. See
• Municipal inspector: means a plumbing inspector authorized to conduct municipal inspections pursuant to this chapter. See
• Municipal plant: means any plant or system owned and operated by any municipality for the manufacture, distribution, purchase, and sale of electricity or the manufacture, distribution, purchase, and sale of gas. See
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• Municipality: means any city, town, or village within this State. See
• Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See
• NMTCB: means the Nuclear Medicine Technologist Certification Board. See
• 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.
• Office: means the Office of Professional Regulation. See
• Ophthalmologist: means a licensed physician who has had special training in the field of ophthalmology. See
• Optician: is a person who is qualified and licensed under this chapter to interpret and fill prescriptions of ophthalmologists or optometrists for ophthalmic lenses or repair and reproduce previously prepared ophthalmic lenses and frames, prepare and deliver work orders to technicians engaged in grinding lenses and fabricate eyewear, verify the accuracy of ophthalmic lenses, and adjust and disperse lenses, specially fabricated optical devices, frames, and appurtenances. See
• Optometrist: means a person licensed under chapter 30 of this title. See
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Person: means an individual or a business entity. See
• Person: means a natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or a body politic or other entity. See
• Person: means and includes individuals, corporations, partnerships, trusts, associations, cooperatives, or other firms or entities, foreign or domestic. See
• Personal estate: shall include all property other than real estate. See
• Personal property: All property that is not real property.
• Physical therapy: means the care and services provided by or under the direction and supervision of a physical therapist who is licensed pursuant to this chapter. See
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Practice of landscape architecture: means any service where landscape architectural education, training, experience, and the application of mathematical, physical, and social science principles are applied in consultation, evaluation, planning, and design, including the preparation and filing of drawings, plans, specifications, and other contract documents and the administration of contracts relative to projects principally directed at the functional and aesthetic development, use, or preservation of land that directly affects the health, safety, and welfare of the public. See
• Practice of psychology: means rendering or offering to render to individuals, groups, or organizations, for a consideration, any service involving the application of principles, methods, and procedures of understanding, predicting, and influencing behavior that are primarily drawn from the science of psychology. See
• Practice of radiologic technology: means the practice of:

• Practice of veterinary medicine: means :

• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Producer: means an agent, broker, or reinsurance intermediary licensed pursuant to subchapter 1 of this chapter. See
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Psychotherapy: means the provision of treatment, diagnosis, evaluation, or counseling services to individuals or groups, for a consideration, for the purpose of alleviating mental disorders. See
• Quorum: The number of legislators that must be present to do business.
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registered optician trainee: means a person registered as an optician trainee under this chapter. See
• Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section. See
• Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See
• Reinsurance intermediary-manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See
• Reinsurer: means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• road: shall include bridges thereon and their approaches. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• salesperson: means any person who for a fee, compensation, salary, or other consideration, or in the expectation or upon the promise thereof, is employed by or associated with a licensed real estate broker to do any act or deal in any transaction as provided in subdivision (4) of this subsection for or on behalf of a licensed real estate broker. See
• School of veterinary medicine: means a college of veterinary medicine approved or accredited by the American Veterinary Medical Association. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See
• Service of process: The service of writs or summonses to the appropriate party.
• Servicing: means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract. See
• Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See
• Specialist: means any person licensed under this chapter who performs work in connection with water treatment and heating, or both, or performs that work as a principal business or an auxiliary to a principal business for the person's own account as designated on the person's license. See
• State plumbing inspector: means a master plumber or duly qualified employee of the Department designated to enforce the rules and regulations pursuant to this chapter. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• sworn: shall include affirmed. See
• Telecommunications: means one or more of the following as defined in chapter 88 of this title:

• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Unauthorized practice: means conduct prohibited by section 2802 of this chapter and not exempted by section 2803 of this chapter. See
• Unprofessional conduct: means conduct prohibited by section 3016 of this title or by other statutes relating to the practice of psychology, whether or not taken by a license holder. See
• Utility: means any person or corporation engaged in the manufacture, distribution, and sale of gas and electricity in this State. See
• Utility: except as otherwise required by the context in which used herein, is intended to refer to cooperatives, municipal utilities, as herein defined, and private electric utilities. See
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Village: shall mean an incorporated village. See
• Work notice: means the notice required to be filed under this chapter by a licensee prior to commencement of work. See