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#76245 - 04/25/03 06:14 PM Vermont
E.E.G.B Offline
Power Poster
E.E.G.B
Joined: Jul 2002
Posts: 6,726
the sandy shore
Does Vermont have a cap on interest rates that can be charged? I can't find a predatory lending law out there but one of our investors is saying there's a cap on rates and fees that has been out for some time and changes annually. Any assistance appreciated!!
_________________________
I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.

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#76246 - 04/25/03 07:17 PM Re: Vermont
Elaine K. Sheehan Offline
100 Club
Elaine  K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
I'm deleting my original post. You were seeking info on Vermont and I got stuck in Connecticut...what can I say, it's been a long week and I'm glad it's Friday!
Last edited by Elaine Sheehan; 04/25/03 07:21 PM.
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#76247 - 04/25/03 07:19 PM Re: Vermont
E.E.G.B Offline
Power Poster
E.E.G.B
Joined: Jul 2002
Posts: 6,726
the sandy shore
Well the investor was very specific about it being a limit on the top interest rate that could be charged on a loan - even referred to it as a high cost loan limit, and also referenced a points & fees max. But I've not seen anything that indicates that VT ever passed such legislation. I'm wondering if it's an investor standard and not a state statute......
_________________________
I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.

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#76248 - 04/25/03 07:35 PM Re: Vermont
Elaine K. Sheehan Offline
100 Club
Elaine  K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
Now that I am in the right state, try VT Sat Title 19, 104, Reg B-98-2. A disclosure is required for residential first lien transactions where the borrower is expected to be charged in excess of four points or an interest rate in excess of three percent over the rate established pursuant to Title 32 V.S.A. section 3108. Hope this helps.

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