reglab/housing_qa huggingface dataset:
8 V.S.A. § 30502
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30502. Periodic reports from state credit unions with an office or activity in this State

§ 30502. Periodic reports from state credit unions with an office or activity in this State|(a) The Commissioner may require periodic reports from any state-chartered credit union that has established and maintains an office in this State or that conducts any activity in this State.(b) Any reporting requirements prescribed by the Commissioner under this section shall be:  (1) consistent with the reporting requirements applicable to credit unions incorporated under the laws of this State; and (2) appropriate for the purpose of enabling the Commissioner to carry out his or her responsibilities under the laws relating to branching, offices, or activities. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30503
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30503. Exemption from annual report to Secretary of State

§ 30503. Exemption from annual report to Secretary of State|Vermont credit unions shall not be required to make any annual report to the Vermont Secretary of State. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30601
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30601. Examinations

§ 30601. Examinations|(a) The Commissioner shall conduct a regular examination of the condition of each Vermont credit union at least once every three years or more frequently as the Commissioner deems prudent.(b) The Commissioner may at any time conduct a special examination or may expand the scope of any regular examination. An entity examined pursuant to this subsection shall be responsible for examination fees and expenses as provided in sections 18 and 19 of this title.(c) The Commissioner shall be given access to all the files, books, accounts, securities, and assets of the credit union and any person under contract with it to perform services for the credit union that the Commissioner deems material to the financial condition of the credit union and shall be afforded every reasonable facility for making an examination of the affairs of the credit union and such person under contract.(d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company which is owned in whole or in part by a Vermont credit union or which is found by the Commissioner to be controlled by a Vermont credit union.(e) A report of the examination shall be forwarded to the chairperson of the credit union's governing body after the completion of the examination. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 30 days of the receipt of the report, a general meeting of the directors and committee members shall be called to consider matters contained in the report. Upon request of the credit union, a representative of the Department shall attend the meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30602
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30602. Confidentiality of investigation and examination reports

§ 30602. Confidentiality of investigation and examination reports|(a) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports of examinations by the Commissioner, whether in the possession of a supervisory agency or another person, shall be confidential and privileged, shall not be made public, and shall not be subject to discovery or introduction into evidence in any private civil action. No person who participated on behalf of the Commissioner in an investigation or examination shall be permitted or required to testify in any such civil action as to any findings, recommendations, opinions, results, or other actions relating to the investigation or examination. The Commissioner may, in his or her discretion, disclose, publish, or authorize the disclosure or publication of any such record or report or any part thereof to civil or criminal law enforcement authorities for use in the exercise of such authority's duties, in such manner as the Commissioner may deem proper.(b) For the purposes of this section, records of investigations and records and reports of examinations shall include joint examinations by the Commissioner and any other supervisory agency. When such records are considered confidential by such agency or foreign government and the records are in the possession of the Commissioner, records of investigations and reports of examinations shall also include records of examinations and investigations conducted by:  (1) any supervisory agency; and (2) the supervisory agency of any foreign government with jurisdiction over any credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30603
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30603. Examinations by federal regulatory agencies; departmental participation

§ 30603. Examinations by federal regulatory agencies; departmental participation|Where an examination is normally conducted by the Department jointly with a federal regulatory authority, the Commissioner, at such times as the Commissioner deems necessary or appropriate because of departmental fiscal restraints, may reduce or eliminate the department's participation in such examination. Where the Commissioner determines such reductions are necessary or appropriate, the Commissioner is authorized to rely on the examination report of the federal regulatory authority as the basis for exercising his or her powers and discharging his or her responsibilities under this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30604
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30604. Examinations; cooperative agreements

§ 30604. Examinations; cooperative agreements|(a) To the extent consistent with section 30605 of this title, the Commissioner may make such examinations of any office established and maintained in this State by a state credit union as the Commissioner may deem necessary to determine whether the office is being operated in compliance with the laws of this State and in accordance with safe and sound practices. The provisions of sections 18, 19, 30601, 30602, and 30603 of this title shall apply to such examinations.(b) The Commissioner may enter into contracts with any credit union supervisory agency that has concurrent jurisdiction over a Vermont credit union or a state credit union maintaining an office or location in this State to engage the services of such supervisory agency's examiners, or to provide the services of the Commissioner's examiners to such supervisory agency.(c) The Commissioner may enter into joint examinations or joint enforcement actions with other supervisory agencies having concurrent jurisdiction over any activity engaged in by a credit union in Vermont, over any office or location established and maintained in this State by a state credit union, or any office or location located in any host state that is established and maintained by a Vermont credit union; provided that the Commissioner may at any time take such actions independently if the Commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this title or to ensure compliance with the laws of this State; but provided further, that in the case of a credit union that has its principal place of business in a state other than this State, the Commissioner shall recognize the authority of the home state regulator over organizational governance matters and the primary responsibility of the home state regulator with respect to safety and soundness. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30605
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30605. Cooperative and other agreements

§ 30605. Cooperative and other agreements|(a) The Commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other governmental agency, the Federal Home Loan Bank, or any organization affiliated with or representing one or more governmental agencies with respect to the periodic examination or other supervision of any activity, office, or location in this State of a state credit union, or any activity or office of a Vermont credit union located in any host state. Such agreements may be used to resolve conflicts arising from inconsistent regulatory requirements and to specify the manner in which any application process under section 33102 or 33103 of this title shall be coordinated.(b) Agreements under this section may also be entered with any other regulatory agencies on matters affecting any credit union organized or doing business in this State. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2017, No. 1, § 3, eff. Feb. 23, 2017.)
8 V.S.A. § 30702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30702. Power of Commissioner to impose corrective action

§ 30702. Power of Commissioner to impose corrective action|(a) The Commissioner may, in addition to any other powers exercisable by the Commissioner under the provisions of this title, require a Vermont credit union or state credit union with an office in this State to:  (1) maintain its accounts in accordance with such regulations as the Commissioner may prescribe having regard to the size of the organization; (2) observe methods and standards which the Commissioner may prescribe for determining the value of various types of assets; (3) charge off or sell the whole or part of an asset which was acquired in violation of:  (A) the credit union's investment policy; (B) the credit union's loan policy; or (C) an order of the Commissioner;  (4) write down an asset to its market value; (5) record liens and other interests in property; (6) obtain a financial statement from a borrower to the extent that the credit union can do so; (7) obtain insurance against damage to real estate taken as security; (8) search, or obtain insurance of, the title to real estate taken as security; (9) maintain adequate insurance against such other risks as the Commissioner may deem necessary and appropriate for the protection of members and the public; and (10) maintain such additional policies and procedures as the Commissioner may require.   (b) Any order of the Commissioner issued under this section shall be subject to subsection 30701(c) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30703. Criminal penalties

§ 30703. 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 credit union 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 violate willfully any existing order of the Commissioner, or, after receipt of a removal order, or an order assessing a penalty, to perform willfully any duty or exercise any power of or on behalf of any credit union 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 an appointed or elected member of a credit union committee subject to the laws of this State under this title who willfully misapplies any of the monies, funds, or credits of such credit union, or any of the monies, funds, assets, or securities entrusted to the care of such credit union, or to the care or custody of such executive officer, director, or member, shall be fined not more than $100,000.00 or imprisoned not more than five years, or both. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30704. Indemnification

§ 30704. Indemnification|A credit union shall not indemnify any person for any penalty or fine imposed under this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30705. Commissioner's coordination of enforcement and corrective action with home state

§ 30705. 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 credit union and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving such enforcement action. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30801
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30801. Application of subchapter

§ 30801. Application of subchapter|(a) An application required to be filed under chapter 221, 224, or 225 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, change in bylaws, change in organizational documents, 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 222 or 223 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 30803 of this title. If the Commissioner finds that the application promotes the general good, a certificate of approval 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. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30802
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30802. Applications

§ 30802. 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 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30803
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30803. Hearings on applications; decisions; general good standard

§ 30803. 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 any 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 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 credit union shall commence operations; open an office; or effectuate a merger, acquisition, conversion, reorganization, or dissolution; amend its bylaws or organizational documents; or take any other similar action 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) 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 of the credit union; (2) the adequacy of capital and financial resources of the credit union; (3) the competitive abilities and future prospects of the credit union; (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 members; (7) if an existing credit union, whether the proposed transaction contributes to the financial strength and success of the credit union; (8) the fairness and equities involved in any conversion, merger, or acquisition; (9) whether the credit union's proposal conforms to Vermont law; and (10) such other aspects of the proposed transaction as the Commissioner deems advisable. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30804
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30804. Notification of approval or denial of application

§ 30804. Notification of approval or denial of application|(a) Within 60 days after the filing of a completed application, the conclusion of any public hearing, and the conclusion of any public comment period, the Commissioner shall notify the applicant of the approval or denial of the application.(b) The Commissioner may extend the period to notify the applicant of the approval or denial of the application for an additional 30-day period by providing notice to the applicant within the time period specified in subsection (a) of this section that the Commissioner intends to extend the time period. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30805
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30805. Review of denial of application

§ 30805. Review of denial of application|(a) If the application is denied, the applicant may request that the Commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the Commissioner's stated reason or reasons for denial. The Commissioner shall reconsider the application in light of the response stated in the applicant's request for reconsideration.(b) The Commissioner shall notify the applicant of the approval or denial of the applicant's request for review of denial within 60 days of the filing of the request.(c) The applicant may request review by the Superior Court in Washington County upon action brought in the usual form by an aggrieved party within 15 days after written notice of the denial of the request for reconsideration. (Added 2005, No. 16, § 1.)
8 V.S.A. § 30901
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30901. Taxation

§ 30901. Taxation|Any credit union organized under this or any other credit union statute and all shares and deposits therein shall be exempt from all taxation imposed by this jurisdiction before or after the enactment of this section or any taxing authority within this jurisdiction, and no law which taxes corporations in any form, or the shares or deposits thereof, or the accumulations thereon, shall apply to any credit union, except that any real property and any tangible personal property owned by any credit union shall be subject to taxation to the same extent as other similar property is taxed. However, this exception shall not permit the imposition of any sales or use taxes on the credit union. The shares of any credit union shall not be subject to transfer taxes, either when issued or when transferred from one member to another. The participation by a credit union in any government programs providing unemployment, Social Security, old age pension, or other benefits shall not be deemed a waiver of the taxation exemption hereby granted. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval

§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval|(a) Certificate of approval. The Commissioner shall determine whether a certificate of approval shall be granted to organize a credit union and shall make the decision in accordance with the requirements of subchapter 8 of chapter 220 of this title.(b) Conditions. A grant of a certificate of approval may include such terms and conditions as the Commissioner determines necessary. These may include conditions regarding the organizational form of the credit union under this chapter.(c) Effect of refusal to issue certificate of approval. If the Commissioner refuses to issue a certificate of approval, the organizers may file a new application after one year from the date of the refusal. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31104. Submission to Secretary of State

§ 31104. Submission to Secretary of State|Following the meeting required under subdivision 31103(e)(1) of this title and approval of the organizational documents by the Commissioner under subdivision 31103(e)(4) of this title, the directors so elected shall submit to the Secretary of State an attested copy of the credit union's organizational documents as required by Title 11B. The Secretary of State shall determine whether such organizational documents satisfy the requirements of Title 11B. If such requirements are met, the Secretary of State shall file the organizational documents according to the provisions of law. The filing of the organizational documents by the Secretary of State shall not authorize the transaction of business by the credit union until all conditions of this subchapter are satisfied. (Added 2005, No. 16, § 1, eff. July 1, 2005.)