reglab/housing_qa huggingface dataset:
8 V.S.A. § 11603
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11603. Criminal penalties

§ 11603. Criminal penalties|(a) It shall be a criminal offense, punishable by a fine of not more than $1,000.00 or imprisonment of not more than one year, or both, for any person to violate any existing order of the Commissioner, or, after receipt of a removal order, or an order assessing a penalty, to perform any duty or exercise any power of or on behalf of any financial institution until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the removal or penalty order is vacated by the Commissioner or by a court of competent jurisdiction.(b) It shall be a criminal offense, punishable by a fine of not more than $10,000.00 or imprisonment of not more than one year, or both, for any person to willfully violate any existing order of the Commissioner, or, after receipt of a removal order, or an order assessing a penalty, to willfully perform any duty or exercise any power of or on behalf of any financial institution until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the removal or penalty order is vacated by the Commissioner or by a court of competent jurisdiction.(c) An executive officer, director, or holder of a principal equity interest of a financial institution subject to the laws of this state under this title who, in violation of a standard established by section 14110 of this title, willfully misapplies any of the moneys, funds, or credits of such financial institution, or any of the moneys, funds, assets, or securities entrusted to the care or custody of such financial institution, or to the care or custody of such executive officer, director, or holder of a principal equity interest, shall be fined not more than $100,000.00 or imprisoned not more than five years, or both. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 11604
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11604. Indemnification

§ 11604. Indemnification|A financial institution shall not indemnify any person for any penalty or fine imposed under this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 11605
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11605. Commissioner's coordination of enforcement and corrective action with home state

§ 11605. Commissioner's coordination of enforcement and corrective action with home state|The Commissioner shall promptly give notice to the home state supervisory agency of each enforcement or corrective action proposed to be undertaken against a state financial institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving such enforcement action. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 11701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11701. Application of subchapter

§ 11701. Application of subchapter|(a) An application required to be filed under chapters 202, 203, 206, 207, or 210 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, or other similar request, shall be submitted to and considered by the Commissioner in accordance with the provisions of this subchapter.(b) An application required to be filed under chapter 204 or 205 of this title for the approval of the Commissioner shall be filed on a form prescribed by the Commissioner and considered in accordance with the standards in section 11703 of this title. If the Commissioner finds that the application promotes the general good, a certificate of general good may be issued in summary fashion. No further approval shall be required.(c) Nothing in this subchapter shall prevent the Commissioner from issuing a certificate of approval for any application that the Commissioner finds may be approved as filed without further process.(d) Notwithstanding the provisions of subsections (a), (b), and (c) of this section, a financial institution shall notify the Commissioner of its intention to amend its organizational documents and may proceed as provided in the notice unless the Commissioner objects in writing within 30 days; provided, however, no advance notice for a bylaw amendment is required. If the Commissioner objects, the financial institution shall file an application in accordance with this subchapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 11702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11702. Applications

§ 11702. Applications|(a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness.(b) As soon as the application is deemed substantially complete, the Commissioner may order the applicant to provide notice of the application in the manner and form as he or she may prescribe.(c) Any person may submit written comments on the proposed application to the Commissioner. If the Commissioner orders publication or other notice to be given, he or she shall establish a deadline for receipt of written comments on the application which shall be no less than five business days following the completion of publication or other notice. The Commissioner may, but shall not be compelled to, consider written comments filed after the close of the written comment period. All comments shall be maintained in the public files of the Department.(d) Applications accepted by the Commissioner shall be placed on public file at the office of the Department, and shall be made available for public inspection or copying, at cost; provided that any information that is exempt from public inspection under 1 V.S.A. chapter 5 shall be removed before public inspection of the file is permitted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 11703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 201 - Supervision; Definitions|§ 11703. Hearings on applications; decisions; general good standard

§ 11703. Hearings on applications; decisions; general good standard|(a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion.(b) After consideration of all relevant matters presented in the application, in any written comments, in a Department investigation and at any hearing, the Commissioner shall issue a decision approving or disapproving the application.(c) If the Commissioner's decision is favorable, a certificate of general good, if required and one has not already been issued, and a certificate of approval shall issue with the decision. If the Commissioner's decision is not favorable, the Commissioner shall provide the reasons for the disapproval.(d) No financial institution shall commence operations, open a branch, or effectuate a merger, share exchange, acquisition, conversion, reorganization, dissolution, or other similar request without first securing a certificate of approval.(e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont.(f) Bases for meeting general good standards. In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors:  (1) the character, ability, and overall sufficiency of the management, including directors, or organizers, corporators, and incorporators of a new financial institution; (2) the adequacy of capital and financial resources of the institution or institutions concerned; (3) the competitive abilities and future prospects of the institution or institutions concerned; (4) the convenience and needs of the market area or areas to be served; (5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served; (6) the effect on the applicant's customers; (7) if an existing financial institution, whether the proposed transaction contributes to the financial strength and success of the financial institution or institutions concerned; (8) the fairness and equities involved in any conversion, merger, consolidation, or acquisition; and (9) such other aspects of the proposed transaction as the Commissioner deems advisable. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12101. Application

§ 12101. Application|(a) Application. A corporation, limited liability company, limited partnership, limited liability partnership, or the organizers of the entity shall file with the Commissioner an application for permission to conduct business as an investor-owned financial institution. The application shall contain the following information:  (1) The name by which the financial institution is to be known; (2) The purpose for which it is to be formed, including whether a certificate of general good is sought to conduct business as a universal financial institution or special purpose financial institution; (3) The city or town within this state where the institution's principal office is to be located; (4) The proposed amount of its initial capital; (5) The names, addresses, and occupations of the organizers of the institution, together with a statement as to the character, reputation, and financial responsibility and competence of such persons; (6) Documents which set forth the proposed institution's organizational structure and business plan, including:  (A) A copy of the organizational documents of the applicant. (B) The names, addresses, and occupations of the organizers of the institution and the names, addresses, and occupations of the directors who will be voted on at the initial meeting, together with a statement as to the character, reputation, and financial responsibility of each. A list of the names, addresses, and official positions of the persons who are to be responsible for the conduct of the affairs of the applicant, including all members of the governing body, any committees and the executive officers; a statement as to the character, reputation, financial responsibility, and competence and experience in banking and business of such persons and such disclosure and conflict of interest statements as required. (C) A financial plan which includes a three-year projection of the initial operating results anticipated and a description of the proposed method of marketing the plan, and a statement as to the sources of initial capital as well as any other sources of funding.  (7) The reasons that an institution of the type specified in subdivision (2) of this subsection is needed in the proposed location. (8) Copies of any application filed with any other supervisory agency. (9) Any additional information the Commissioner may require. The Commissioner may waive any requirements that do not apply.   (b) Publication of Notice. After determining that the application required by subsection (a) of this section is complete, the Commissioner shall advise the organization or the organizers of the entity to publish or give any notice that will be required by the Commissioner under section 11702 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12102. Issuance of certificate of general good; refusal to issue certificate of general good

§ 12102. Issuance of certificate of general good; refusal to issue certificate of general good|(a) Certificate of general good. The Commissioner shall determine whether or not a certificate of general good shall be granted to organize a financial institution under this chapter and shall make the decision in accordance with the requirements of chapter 201, subchapter 7 of this chapter.(b) Conditions. A grant of a certificate of general good may be made subject to such terms and conditions as the Commissioner determines necessary. The certificate of general good shall be submitted to the Secretary of State with the organizational documents that are required to be filed with the Secretary of State. The conditions may include, but are not limited to, conditions regarding the organizational form of the financial institution under this chapter.(c) Effect of refusal to issue certificate of general good. If the Commissioner refuses to issue a certificate of general good, a new application may be filed by the applicant after one year from the date of the refusal. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12103. Requirements to commence business; paid-in minimum capital; examination; certificate of authority

§ 12103. Requirements to commence business; paid-in minimum capital; examination; certificate of authority|(a) At the time the certificate of general good is issued, the Commissioner shall issue an order granting permission to organize which shall set forth the minimum amount of paid-in capital that the financial institution will be required to have to begin business, which in no event shall be less than $250,000.00.(b) The Commissioner may set different minimum paid-in capital requirements for different types of financial institutions, and in determining such amounts may consider such factors as the population of the area where the proposed financial institution is to be located, competition among financial institutions in that locale, the projected volume and type of business to be conducted, the inherent risks in the business to be conducted and the need to protect depositors and other creditors of the institution.(c) All capital contributions shall be in the form of cash, unless otherwise approved by the Commissioner.(d) An organization that has received a certificate of general good to conduct business as a financial institution may not commence business until the Commissioner certifies in writing that the required minimum capital has actually been paid in and that all other terms and conditions contained in the certificate of general good have been satisfied.(e) When the entire paid-in capital of a financial institution has been received by the financial institution, a complete list of the investors with the name and post office address of each and the portion of ownership interest held by each shall be filed with the Commissioner, who shall thereupon cause an examination to be made. If, after the examination, it appears to the Commissioner that the required capital has been paid in, the Commissioner shall issue a certificate under seal authorizing the financial institution to commence business, and this certificate shall be filed with the Secretary of State. A financial institution shall not commence business until that certificate is issued and filed. In the case of a violation of this provision, the officers and directors assenting thereto shall be personally liable for all debts incurred before the certificate is issued and filed. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12104. Failure to commence business

§ 12104. Failure to commence business|(a) If a financial institution authorized to commence business under this chapter does not commence business within two years from the filing of its organizational documents in the Office of the Secretary of State, its right to do business shall lapse.(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner may extend the period in which business shall be commenced for a period not to exceed six months upon written application by the institution setting forth the reasons for the extension filed before the expiration of the time period established in subsection (a) of this section. If an extension is granted by the Commissioner, the Commissioner shall notify the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12105
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12105. Continuance of organization

§ 12105. Continuance of organization|The organizational documents shall provide for continuance of a financial institution despite the death, dissolution, departure, or incapacity of any investor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12201. Meetings

§ 12201. Meetings|(a) The governing body of a Vermont financial institution shall meet at least monthly, except as otherwise provided in this section. A governing body that has appointed an executive committee which meets during the months in which the governing body does not meet, shall meet at least six times a year, including once each quarter. Minutes of executive committee meetings shall be ratified by the governing body.(b) At least once each month and at each regular meeting, the treasurer shall prepare a financial statement showing the condition of the financial institution, which shall be recorded in a book kept for that purpose, and at all times shall be open to the inspection by the governing body and the Commissioner. A record shall be made at each meeting of the transactions of the governing body and the names of the directors present.(c) Conveyances, leases, assignments, releases, transfers of stock certificates and registered bonds, and all other written instruments authorized or required by law or vote of the directors, may be executed by an executive officer or other official authorized and empowered by the internal governance documents of the institution or by a vote of the governing body which is duly recorded in the minutes of the institution.(d) Within 30 days after the annual meeting of the governing body for election of officers, the Secretary shall file a copy of a list of officers and directors with the Commissioner, which list shall be kept on file in the Commissioner's office for public inspection. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 3, eff. Feb. 2, 2002.)
8 V.S.A. § 12301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12301. Bonds and insurance

§ 12301. Bonds and insurance|(a) The governing body of a Vermont financial institution shall direct and require good and sufficient fidelity bonds on all active officers, employees, and agents, whether or not they draw salary or compensation, which bonds shall provide for indemnity to the financial institution on account of any losses sustained by it as the result of any dishonest or fraudulent act committed or any omission by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule, or blanket form, and the premiums therefor shall be paid by the financial institution.(b) The governing body shall also direct and require suitable insurance protection to the financial institution against burglary, robbery, theft, and other similar insurable hazards to which the financial institution may be exposed in the operation of its business on the premises or elsewhere.(c) The governing body shall be responsible for prescribing at least once in each year the amount or penal sum of those bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazards. That action shall be recorded in the minutes of the governing body. The Commissioner may require a financial institution to furnish an attested duplicate of the bonds and policies required by this section.(d) The Commissioner may require a Vermont financial institution to secure additional bonds or insurance. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12401. Limitation; form

§ 12401. Limitation; form|(a) A Vermont financial institution may not authorize dividends, distributions, or withdrawals that reduce capital below the higher of the amount required under the certificate of general good or section 14104 of this title without the prior approval of the Commissioner.(b) Dividends, distributions, and withdrawals shall be in cash or as otherwise authorized by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 12501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 202 - Organization and Management of Investor-Owned Financial Institutions|§ 12501. Voluntary dissolution; procedure; criteria

§ 12501. Voluntary dissolution; procedure; criteria|(a) An investor-owned Vermont financial institution shall submit to the Commissioner for approval a plan of dissolution or wind-up prior to filing its articles of dissolution under Title 11A or winding up its business under Title 11. The plan shall contain the following items:  (1) pro forma financial statements that demonstrate that the financial institution will, upon dissolution or during its wind-up, discharge or make provision for discharging its liabilities; (2) a method to distribute all remaining assets among its investors according to their interests; (3) the process of and resources dedicated to the oversight of the dissolution or winding up of the financial institution; (4) the plan to transfer to any of its affiliates or any other financial institution its deposit, loan, and trust accounts, including escheat of all remaining deposit accounts to the State of Vermont; (5) the procurement or continuation of insurance or the provision of other security as the Commissioner deems necessary; (6) an acknowledgment that, before the articles of dissolution are filed or the wind-up begins, there will be no distributions or equity interest repurchases without the Commissioner's prior written approval; and (7) such other information or assurances as the Commissioner may require.   (b) Upon approval of the plan, the financial institution may file its articles of dissolution under Title 11A and proceed with its dissolution or may proceed with the wind-up and dissolution under Title 11, as provided by law.(c) During its wind-up, a dissolved or dissolving entity shall not transact any further banking business after its deposit insurance has terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)