reglab/housing_qa huggingface dataset:
8 V.S.A. § 14209
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14209. Examination of accounts

§ 14209. Examination of accounts|Each Vermont financial institution shall annually cause a sampling of its loans and deposit accounts to be verified by the account holder. The verification shall be under the direction of an outside auditor or the internal auditor of the Vermont financial institution. The auditor shall report the results directly to the governing body. The verification methodology and results shall be available to the commissioner upon request. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14210
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14210. Real estate trust and escrow

§ 14210. Real estate trust and escrow|(a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 V.S.A. chapter 25 to be used in the agency's single family home mortgage programs.(b) A financial institution may deduct a reasonable remittance fee for transferring funds to the Housing Finance Agency under this section. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14211
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14211. Claims not clearly consistent

§ 14211. Claims not clearly consistent|If any claim not clearly consistent with the terms of any applicable authority on file with a financial institution is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the financial institution's possession or control, in whole or in part, by any person, including any depositor, individual, or group of individuals, whether or not authorized to draw on or exercise any right or control with respect to the property, the financial institution is not required to recognize the claim without one of the following:  (1) a court order, issued by a court of competent jurisdiction and served on the financial institution, enjoining or restraining the financial institution from taking any action with respect to the property or instructing the financial institution to pay the balance of the account, provide access to the safe deposit box, or deliver the property as provided in the order; or (2) a bond in the form and amount and with sureties satisfactory to the financial institution, indemnifying the financial institution against any liabilities, loss, and expenses it might incur because of its recognition of the claim or because of its refusal, due to the claim, to honor or recognize any right with respect to the property. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14302. Real estate loans

§ 14302. Real estate loans|(a) Clear title. All loans secured by mortgages on real estate shall be supported by written evidence satisfactory to the financial institution that title to the security is marketable and the lien is valid and enforceable. A mortgage on lands subject to lease under which rents are reserved to the owner, with all of the owner's rights and options under the lease collaterally assigned to the financial institution as security or a mortgage upon lands impressed with a public use, sometimes known as lease, society, or glebe lands, but held under a durable lease, shall not be deemed to be subordinate to such lease or public use.(b) Appraised value. The appraisal of real estate securing a federally related transaction entered into by a financial institution shall comply with the regulations of the Federal Deposit Insurance Corporation, as amended and codified at 12 C.F.R. Part 323. The appraisal of real estate securing a nonfederally related transaction entered into by a financial institution shall comply with the federal supervisory agencies' interagency guidelines, as amended.(c) Servicing of loans. A financial institution may contract with another financial institution, corporation, or association whose transactions are in whole or in part the handling and servicing of mortgage loans, to handle and service loans in its behalf. Whenever such a contract is made, the financial institution shall not lose or suffer any impairment of any right of deduction or offset it might have against any one liable for the mortgage debt.(d) Home loan escrow accounts. Any financial institution which requires a home loan escrow account to be established and maintained by a borrower shall follow the provisions of section 10404 of this title.(e) Loans insured or guaranteed by federal law. Any mortgage on real estate given to secure a loan insured or guaranteed by the federal housing commissioner, the administrator of Veterans Affair's or the administrator of the Small Business Administration, under the National Housing Act, the Servicemen's Readjustment Act of 1944 or the Small Business Act, respectively, as amended, shall not be subject to the provisions of any law of this State prescribing the nature, amount, or form of security, or manner of repayment, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting the period or principal amount of which loans may be made, or prescribing or limiting the interest which may be charged or other charges which may be made or taken upon any loan or advance of credit. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14304
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14304. Card holder represented by legal counsel

§ 14304. Card holder represented by legal counsel|(a) A credit card company or its creditor or collection agency shall not contact a card holder regarding a debt, late fee, or other charge once informed that the card holder is disputing the debt, late fee, or other charge; is represented by legal counsel in the dispute; and the card holder has provided the credit card company or its creditor or collection agency with the name, address, and telephone number of the legal counsel.(b) A credit card company or its creditor or collection agency that violates subsection (a) of this section shall be fined not more than $10,000.00.(c) Each violation of subsection (a) of this section shall be considered a separate offense. (Added 2009, No. 55, § 11.)
8 V.S.A. § 14401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14401. Types of trust functions

§ 14401. Types of trust functions|(a) With the prior approval of its governing board, a financial institution may act alone or with others as:  (1) fiduciary; (2)  custodian of property; (3) agent or attorney in fact; (4) registrar or transfer agent of securities; (5) trustees under corporate mortgages, trust deeds or similar indentures; or (6) fiscal agent of the United States, a political subdivision thereof, a body politic, a corporation, or an individual.   (b) With that approval, a financial institution may also be appointed and act as executor or coexecutor of a will, codicil, or writing testamentary, as administrator or co-administrator with the will annexed, as administrator or co-administrator of a person deceased, as receiver, assignee, trustee, alone or with others, or as guardian or co-guardian of a person subject to guardianship, and with that approval may relinquish the fiduciary office, under the same circumstances, in the same manner and subject to the same control by a court having jurisdiction, as a natural person legally qualified. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14402
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14402. National financial institutions; state financial institutions

§ 14402. National financial institutions; state financial institutions|(a) To the same extent that the laws of the United States permit, a national financial institution located and doing business in this State may act, alone or with others, as specified in section 14401 this title.(b) Subject to the provisions of 11A V.S.A. chapter 15 and 11 V.S.A. chapter 21, subchapter 10, except that 11A V.S.A. § 15.06 and 11 V.S.A. § 3136 shall not apply to any financial institution, including a state trust company, a financial institution with trust powers with its principal place of business not in Vermont may act, alone or with others, as specified in section 14401 of this title, and may establish one or more places of business in this State for the conduct of such trust business, provided that:  (1) it is a direct or indirect subsidiary of a bank holding company that has a direct or indirect financial institution subsidiary that has an office in this State at which deposits are accepted; or (2) the law of the state in which it is located or domiciled would allow either a Vermont financial institution or a national financial institution, with its principal place of business located in Vermont to establish one or more places of business in such state for the conduct of trust activities if authorized by its supervisory agency to exercise trust powers.   (c) As a condition precedent to its right to act in the capacities specified in this section, it shall file a stipulation with the Commissioner of Taxes, in which it shall agree that any funds, securities, or property held by it under any appointment under this subchapter, shall be taxed in the same manner and to the same extent as funds of the same character held by a Vermont financial institution.(d) A state financial institution with trust powers, including a state trust company, shall obtain the Commissioner's written approval before establishing a place of business in this State pursuant to subsection 11701(b) of this title. Before issuing such approval, the Commissioner must find that it is adequately staffed, equipped, and able to furnish trust services in this State. The Commissioner may examine its activities in this State at any time deemed necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of this State. It shall make its books and records pertaining to its business in this State available to the Commissioner for such examination. Each state financial institution shall pay fees and assessments as prescribed by sections 18, 19, and 11501 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14403
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14403. Approval of Commissioner

§ 14403. Approval of Commissioner|No financial institution not otherwise expressly authorized by its respective supervisory agency under state or federal law may exercise the powers provided in this subchapter until it has applied for and obtained approval of the Commissioner to do so under subsection 11701(b) of this title. The Commissioner shall conduct inquiry into the affairs of the financial institution applying for those powers to determine if the financial institution is staffed, equipped, and able to furnish those services. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2005, No. 36, § 5, eff. June 1, 2005.)
8 V.S.A. § 14404
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14404. Security

§ 14404. Security|The capital of a financial institution exercising trust powers shall be held as security for the faithful discharge of the duties undertaken thereby as well as for the claims of other creditors. The financial institution shall furnish to the authority making the appointment a good and sufficient bond for a sum not less than 25 percent of the amount of the trust fund, conditioned for the faithful discharge of the duties undertaken by virtue of section 14401 of this title. However, when the bond would not exceed $2,000.00, a financial institution shall be relieved of furnishing it. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14405
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14405. Powers and duties of officers

§ 14405. Powers and duties of officers|In proceedings in the Probate Division of the Superior Court or elsewhere, connected with authority exercised as executor, administrator, receiver, assignee, trustee, or guardian, all accounts, returns, and other papers may be signed and sworn to in behalf of such a financial institution exercising trust powers by any officer thereof duly authorized by it. The answers and examinations of that officer, under oath, shall be received as the answers and examinations of the financial institution. The Court may order and compel any and all officers of the financial institution to answer and attend the examinations, in the same manner as if they, personally, were parties to the proceeding or inquiry. Such a financial institution shall not be required to receive or hold any property or money or to execute any trust contrary to its own desire. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)
8 V.S.A. § 14406
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14406. Segregation of trust funds; exception

§ 14406. Segregation of trust funds; exception|All monies, property, or securities received or held by a financial institution in the capacity of executor, administrator, receiver, assignee, trustee, or guardian shall be kept separate and distinct from its general business and shall not be mingled with the investments of its assets or be liable for its debts or obligations. However, a financial institution exercising trust powers, in good faith, may deposit temporarily in its commercial or savings departments any money so held in trust awaiting distribution or investment and may also deposit in its savings department as an investment for any one trust an amount insurable and insured by the Federal Deposit Insurance Corporation. All such deposits in either department shall be in the name of the trust or in the name of the financial institution as trustee of the trust. If the security afforded by virtue of this section and section 14404 of this title is insufficient to satisfy in full any claim growing out of the holding or management of monies, property, and securities so received and held, the unsatisfied balance shall then be satisfied as are demands of the general creditors of the financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14407
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14407. Collective investment funds

§ 14407. Collective investment funds|(a) A Vermont financial institution may invest assets that it holds as a fiduciary in the following collective investment funds:  (1) a fund maintained by the financial institution, or by one or more affiliated financial institutions, exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution, or by one or more affiliated financial institutions, in its capacity as trustee, executor, administrator, guardian, or custodian under the Uniform Gift to Minors Act; (2) a fund consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts that are exempt from federal income taxation under the Internal Revenue Code; and (3) a fund consisting of any other assets held as a fiduciary, to the extent not prohibited by applicable law.   (b) In addition to any other rules that the Commissioner finds necessary or desirable for the administration of this section, the Commissioner may adopt rules on the following:  (1) the requirements for a written plan for the establishment, maintenance, and operation of collective investment funds; (2) the method and frequency of valuation of such fund's assets; (3) the admission and withdrawal of accounts; (4) standards on self-dealing and conflicts of interest; (5) permissible management fees; (6) the requirements for audits and financial reports of collective investment funds; and (7) the requirements for the establishment, maintenance, and operation of other investments permitted by subdivision (a)(3) of this section, including the treatment of exemptions from the provisions of this section.   (c) A Vermont financial institution administering a collective investment fund shall have exclusive management thereof, except as a prudent person might delegate responsibilities to others.(d) Each participating account in a collective investment fund shall have a proportionate interest in all the fund's assets.(e) A Vermont financial institution administering a collective investment fund may charge reasonable expenses incurred in operating the fund, but not expenses associated with establishing or reorganizing a collective investment fund.(f) A Vermont financial institution may not advertise any collective investment fund except in connection with the advertisement of the general fiduciary services of the institution.(g) A Vermont financial institution shall not issue any certificate representing an interest in a collective investment fund, except to provide a withdrawing account with an interest in a segregated investment. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2015, No. 23, § 87.)
8 V.S.A. § 14408
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14408. Registration and sale of securities

§ 14408. Registration and sale of securities|A Vermont or state financial institution owning or holding stocks or other securities in any fiduciary capacity may cause the same to be registered in the name of a nominee. The word "nominee" shall be construed to include one or more natural persons, a partnership, a corporation, or similar entity. Any such securities jointly held in a fiduciary capacity by a financial institution and another, individual or corporate, may be registered in the name of a nominee mutually satisfactory to the co-fiduciaries. Any fiduciary acting jointly with a financial institution may authorize and direct the financial institution in writing to register securities provided herein. An individual or corporate fiduciary may deliver any such securities to a financial institution as custodian and may authorize and direct the financial institution in writing to register such securities in the name of a nominee. A financial institution having caused securities to be registered in the name of a nominee as provided herein and wishing or being required by the terms of its fiduciary agreement to deliver them to one legally entitled thereto shall first cause them to be transferred into the name of the one to receive delivery. Sales of any such securities made by a financial institution under its fiduciary authority may be completed by delivery of the security, endorsed by the nominee without the necessity of transfer through a joint fiduciary, the trust-creator, or the beneficiary. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14409
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14409. Disposition of securities upon court order; liability for acts of nominee

§ 14409. Disposition of securities upon court order; liability for acts of nominee|Any fiduciary financial institution may dispose of any security under an order or decree of any court of competent jurisdiction by delivery of the security endorsed by the nominee as provided in section 14408 of this title in the case of sales. Any fiduciary financial institution shall be absolutely liable for any loss occasioned by the acts of the nominee or the financial institution with respect to any securities registered in the nominee's name. Both legal and equitable ownership of all securities in the financial nominee's possession or subject to the financial nominee's control shall be fully revealed by the financial institution's records. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14410
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14410. Fiduciary investments

§ 14410. Fiduciary investments|(a) In the absence of an express prohibition in the instrument, judgment, decree, power, order, or other writing creating a trust or other fiduciary relationship, a financial institution acting as fiduciary may invest and reinvest funds held by it in a fiduciary capacity in the securities of an open-end or closed-end investment company or investment trust registered under 15 U.S.C. § 80a-1 to 80a-64 (Investment Company Act of 1940), as that act exists now or as amended in the future.(b) The investments authorized in subsection (a) of this section may be made even if the financial institution, or an affiliate thereof, is providing services to the investment company and is receiving reasonable compensation for such services as an advisor, manager, sponsor, administrator, broker, distributor, custodian, shareholder servicing agent, transfer agent, registrar, or any related services. At least annually, the financial institution shall disclose in a clear and conspicuous manner to the principal of each fiduciary account the fees it has charged or received from the investment company, or an affiliate thereof, for such services and the basis upon which compensation is calculated, expressed either in a specific amount or as a percentage of asset value. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14501. Failure to pay rent; removal of contents

§ 14501. Failure to pay rent; removal of contents|(a) If the amount due for the use of any safe or box in the vaults of a financial institution is not paid for one year, or such other period as may be fixed in the contract of renting of such safe or box, the financial institution, at the expiration thereof, may cause to be sent to the person in whose name the safe or box stands on its books, a notice in writing that if the amount then due for the use of the safe or box is not paid within 60 days from the date of the notice, the financial institution will then cause the safe or box to be opened in the presence of an officer duly authorized by the governing body and of a notary public not an officer or in the employ of the financial institution, and the contents thereof, if any, will be sealed up by the notary in a package upon which the notary will distinctly mark the name and address of the person in whose name such safe or box stands upon the books of the financial institution and the estimated value thereof. The package so sealed and addressed, when marked for identification by the notary, will be placed by the notary in one of the general safes or boxes of such financial institution. The notice shall be sent in a postage prepaid registered letter directed to that person at his or her post office address as recorded upon the books of the financial institution, and at his or her last known address.(b) The proceedings of the notary shall be fully set forth in the notary's own handwriting and official seal in a book to be kept by the financial institution for that purpose. After such contents have been so placed in general safes or boxes, the financial institution shall be required to use only the degree of care required of a bailee for the sole benefit of the bailor notwithstanding the contract of renting requires a higher degree of care during the period of renting. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)