Section 104 - High rate loans(a) The Commissioner may adopt disclosure rules for loans secured by a first lien on residential real estate in which the borrower is expected to be charged in excess of four points or interest in excess of three percent over the rate established pursuant to 32 V.S.A. § 3108, or both, on the loan. The rules may provide for restrictions on representations by the lender regarding the disclosures required by the rules.(b) The Commissioner shall notify all mortgage lenders of the interest rate determined under 32 V.S.A. § 3108 annually.(c) The Commissioner may impose an administrative penalty of not more than $5,000.00 on any person that fails to comply with the provisions of this section. The Commissioner may order a lender to refund any discount points or other charges paid by a borrower who has not received disclosures required by the rule.Added 1997, No. 98 (Adj. Sess.), § 7, eff. 4/16/1998; amended 2015 , No. 23, § 89.