reglab/housing_qa huggingface dataset:
8 V.S.A. § 33101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 223 - Offices, Out-of-State Offices, and Offices of State Credit Unions|§ 33101. Relocation of main office

§ 33101. Relocation of main office|(a) With the approval of the Commissioner, a Vermont credit union may relocate its main office anywhere within the State to serve effectively its members.(b) The Commissioner, before granting an approval under subsection (a) of this section, shall consider:  (1) the field of membership to be served by the proposed relocation of the main office; (2) the adequacy of the current main office; (3) the economic need for and cost of the proposed relocation; and (4) the convenience and necessity to the field of membership of the proposed relocation. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 33102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 223 - Offices, Out-of-State Offices, and Offices of State Credit Unions|§ 33102. In-State and out-of-State offices

§ 33102. In-State and out-of-State offices|(a) A Vermont credit union shall not establish an office in this State or outside this State without the prior approval of the Commissioner in accordance with subsection 30801(b) of this title.(b) Prior to approving the credit union's application to establish an office in this State or outside this State, the Commissioner must find that:  (1) establishment of the proposed office is consistent with the safety and soundness of the credit union; (2) establishment of the proposed office is consistent with the credit union's field of membership; (3) the credit union has a record of compliance with the requirements of applicable state and federal laws, rules, and regulations; and (4) in the case of an out-of-State office, the laws of such other State authorize the establishment of such office. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 33103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 223 - Offices, Out-of-State Offices, and Offices of State Credit Unions|§ 33103. Offices of State-chartered credit unions

§ 33103. Offices of State-chartered credit unions|(a) A state credit union may, with the prior written approval of the Commissioner, establish one or more offices in this State; provided the laws of its home state authorizes under conditions no more restrictive than those imposed by the laws of this State, as determined by the Commissioner, a Vermont credit union to establish an office in that state. Prior to approving the state credit union's application to establish an office in this State, the Commissioner must find that such state credit union:  (1) is financially solvent; (2) maintains bonds and share insurance as required under subchapter 6 of chapter 221 of this title; (3) is effectively examined and supervised by an official of the state in which it is chartered: and (4) is in compliance with the requirements set forth in subsection 33102(b) of this title.   (b) The Commissioner may examine and supervise the Vermont offices of any state credit union and may enter into agreements with other state credit union regulators concerning such examinations or supervision.(c) To the extent federal law does not preempt the same, no state credit union may conduct business in this State unless it:  (1) charges interest in compliance with the provisions of  9 V.S.A. chapter 4 when making loans in this State; (2) complies with the consumer protection statutes and rules applicable to Vermont credit unions; (3) agrees to furnish the Commissioner with a copy of the examination report conducted by its regulatory agency or to submit to an examination by the commissioner; and (4) designates and maintains an agent for the service of process in this State.   (d) The Commissioner may, after giving notice and an opportunity to be heard to any state credit union, revoke or suspend the approval given to such state credit union to establish an office in this State for any reason that would be sufficient grounds to deny an application to establish an office in this State.(e) The Commissioner may revoke the approval of a state credit union conducting business in this State if the Commissioner finds that:  (1) The state credit union no longer meets the requirements of this section. (2) The state credit union has violated the laws of this State or lawful rules, regulations, or orders issued by the Commissioner. (3) The state credit union has engaged in a pattern of unsafe or unsound credit union practices. (4) Continued operation by the state credit union is likely to have a substantially adverse impact on the financial, economic, or other interests of residents of this State. (5) The state credit union is prohibited from operating in its home state. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 33104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 223 - Offices, Out-of-State Offices, and Offices of State Credit Unions|§ 33104. Supervisory agreements; costs of examinations

§ 33104. Supervisory agreements; costs of examinations|(a) In implementing this chapter, the Commissioner may cooperate with credit union regulators in other states or jurisdictions and may share with the regulators the information received by the Commissioner to the extent necessary to supervise and regulate the credit union.(b) The Commissioner may enter into supervisory agreements with a state credit union and its regulators to prescribe the applicable laws governing the powers and authorities of Vermont offices of the state credit union.(c) The agreements may address, but are not limited to, corporate governance and operational matters. The agreements may resolve any conflict of laws and specify the manner in which the examination, supervision, and application processes must be coordinated with the regulators.(d) The Commissioner may adopt rules for the periodic examination and investigation of the affairs of a state credit union operating in this State. The costs of examination and supervision must be fully borne by the state credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 34102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 224 - Merger and Acquisition|§ 34102. Merger of Vermont credit union with federal credit union

§ 34102. Merger of Vermont credit union with federal credit union|(a) Nothing contained in the law of this State restricts the right of a credit union organized under this title to merge into a continuing federal credit union. The corporate action to be taken by the Vermont credit union and its rights and liabilities and those of its members are the same as those prescribed in section 34101 of this title, except that approval of the Commissioner is not required.(b) Upon the effective date of the merger, the authority of the participating Vermont credit union shall terminate automatically. The continuing federal credit union shall notify the Secretary of State of the termination. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 34104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 224 - Merger and Acquisition|§ 34104. Nonconforming activities; cessation

§ 34104. Nonconforming activities; cessation|(a) Applicability. If, as a result of a merger or conversion pursuant to this title, the continuing credit union is to be of a different type or of a different character than any one or all of the participating or converting institutions, such continuing credit union shall be subject to the conditions and limitations as set forth in this chapter.(b) Plan for termination. The plan of merger or conversion shall set forth the method and schedule for terminating those activities not permitted by the laws of this state for the continuing credit union, but which were authorized for any of the participating or converting institutions.(c) Effective date. The plan of merger or conversion shall state that from the effective date of such action, the continuing credit union shall not engage in any nonconforming activities, except to the extent necessary to fulfill obligations existing prior to merger or conversion, pursuant to subsection (d) of this section.(d) Compliance with limitations. If, as a result of such merger or conversion, the continuing credit union exceeds any lending, investment, or other limitations imposed by this title, it shall conform to such limitations within such period of time as shall be established by the Commissioner.(e) Divestiture. The Commissioner may, as a condition to such merger or conversion, require a nonconforming activity to be divested in accordance with such additional requirements as he or she may deem appropriate under the circumstances. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 35103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 225 - Conversions|§ 35103. Conversion of a mutual financial institution or a cooperative financial institution to a credit union

§ 35103. Conversion of a mutual financial institution or a cooperative financial institution to a credit union|Chapter 206 of this title shall govern the conversion of a mutual financial institution or a cooperative financial institution to a credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 36102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 226 - Suspension, Liquidation, Insolvency, Conservation, Involuntary Merger, and Directors and Managing Officers of a Troubled Credit Union|§ 36102. Involuntary merger of credit union

§ 36102. Involuntary merger of credit union|(a) Notwithstanding any other provision of law, the Commissioner may initiate the involuntary merger of a credit union which is insolvent or is in danger of insolvency or is operating in an unsafe or unsound manner with any other credit union or may authorize a credit union to purchase any of the assets of or assume any of the liabilities of any other credit union which is insolvent or in danger of insolvency or is operating in an unsafe or unsound manner if the Commissioner is satisfied that:  (1) an emergency requiring expeditious action exists with respect to such other credit union; (2) other alternatives are not reasonably available; and (3) the public interest would best be served by approval of such merger, consolidation, purchase, or assumption.   (b) The credit union may request a stay of the involuntary merger by appealing to the Washington Superior Court.(c)(1) Notwithstanding any other provision of law, the Commissioner may authorize an institution whose deposits or accounts are insured to purchase any of the assets of or assume any of the liabilities of a credit union which is insolvent or in danger of insolvency or is operating in an unsafe or unsound manner; and  (2) For purposes of the authority contained in this section, insured share and deposit accounts of the credit union may, upon consummation of the purchase and assumption, be converted to insured deposits or other comparable accounts in the acquiring institution, and the Commissioner and the insuring organization shall be absolved of any liability to the credit union's members with respect to those accounts.   (d) Notwithstanding any other provision of law, the Commissioner may waive the need for a membership vote of both the acquired and continuing credit union to approve the involuntary merger and may waive the requirement that the governing body of the acquired credit union approve the involuntary merger. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 36104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 226 - Suspension, Liquidation, Insolvency, Conservation, Involuntary Merger, and Directors and Managing Officers of a Troubled Credit Union|§ 36104. Appointment of director and managing officers of troubled credit unions

§ 36104. Appointment of director and managing officers of troubled credit unions|The Commissioner shall approve any director elected or appointed to serve on the governing body and any person appointed as the managing officer of a troubled credit union, before the director or officer takes office. As used in this section, "troubled credit union" means any credit union that, in the opinion of the Commissioner:  (1) is insolvent or is in danger of becoming insolvent; (2) is not likely to be able to meet the demands of its members or to pay its obligations in the normal course of business or is likely to incur losses that may deplete all or substantially all of its capital; or (3) is being operated in an unsafe and unsound manner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
9 V.S.A. § 1
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 1 - Money of Account|§ 1. Dollar, cent, and mill

§ 1. Dollar, cent, and mill|The money of account in the State shall be the dollar, cent, and mill; and accounts in public offices and proceedings in court shall be in conformity herewith; but this section shall not affect an account, charge, or entry originally made or a contract expressed in other money of account, but the same shall be reduced to dollars and parts of a dollar in an action thereon.
9 V.S.A. § 42
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 42. Permitted charges

§ 42. Permitted charges|(a) Except for interest as provided in this chapter, a lender shall make no charges against a borrower for the use or forbearance of money other than:  (1) the reasonable cost of credit investigation and appraisal fees; (2) the reasonable cost of title evidence, including abstracts, legal opinions, or title insurance; (3) the reasonable cost of protection against insurable hazards; (4) the reasonable cost of creditor life or disability insurance, or of a debt protection agreement as set forth in 8 V.S.A. § 10405, if agreed to by the borrower; (5) the filing and recording fees, and other official fees, including fees required by Federal Housing Agencies, the Federal Home Loan Mortgage Corporation, and the Federal National Mortgage Corporation; (6) the reasonable value of services rendered in connection with the making of any loan of $4,000.00 or less or any loan or loan commitment of any amount or manner of payment to finance an income producing business or activity subject to such rules as the Commissioner of Financial Regulation adopts; (7) the reasonable cost of private mortgage guaranty insurance subject to such limitation as the Commissioner of Financial Regulation has approved; and (8) the reasonable fees associated with a credit card, agreed upon by the lender and borrower, including late charges and over-limit charges.   (b) A borrower may procure an opinion and abstract of title from an attorney of his or her choice acceptable to the lender, or hazard insurance in a company or in companies of his or her choice acceptable to the lender, and in such cases the lender's acceptance shall not be unreasonably withheld. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1969, No. 66, § 2, eff. April 17, 1969; 1973, No. 222 (Adj. Sess.), § 5, eff. April 3, 1974; 1975, No. 216 (Adj. Sess.), § 4, eff. March 27, 1976; 1979, No. 173 (Adj. Sess.), § 13, eff. April 30, 1980; 1985, No. 36, § 3; 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 9, § 2; 1995, No. 180 (Adj. Sess.), § 38; 2005, No. 70, § 3; 2021, No. 20, § 9.)
9 V.S.A. § 43
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 43. Deposit requirement prohibited; exception

§ 43. Deposit requirement prohibited; exception|A lender shall not, as a condition to granting or extending a loan, require a borrower to keep or place any sum on deposit with the lender or nominee of the lender, except for deposit arrangements directly related to secured credit cards in a manner consistent with rules adopted by the Commissioner, rules that shall include disclosure requirements, and specific types of alternative mortgages approved by the Commissioner as provided in 8 V.S.A. § 1256. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1977, No. 184 (Adj. Sess.), § 2; 1995, No. 9, § 3.)
9 V.S.A. § 44
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 44. Certain charges not usurious

§ 44. Certain charges not usurious|Agreements to maintain with the lender non-interest bearing reserves or deposits with which to pay when due taxes and insurance premiums, or agreements clearly set forth in the loan contract for the payment of reasonable delinquency or deferral charges, shall not be construed to be interest or a prohibited charge within the meaning of this chapter. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
9 V.S.A. § 45
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 45. Prepayment of loans

§ 45. Prepayment of loans|A borrower may prepay a loan at any time, without prepayment premium or penalty. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
9 V.S.A. § 46
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 46. Exceptions

§ 46. Exceptions|Section 43 of this title, relating to deposit requirements, and section 45 of this title, relating to prepayment penalties, shall not apply and the parties may contract for a rate of interest in excess of the rate provided in section 41a of this title in the case of:  (1) obligations of corporations, including municipal and nonprofit corporations; or (2) obligations incurred by any person, partnership, association, or other entity to finance in whole or in part income-producing business or activity, but not including obligations incurred to finance family dwellings of four units or fewer when used as a residence by the borrower or to finance real estate that is devoted to agricultural purposes as part of an operating farming unit when used as a residence by the borrower; or (3) obligations to finance the purchase, construction, or improvement of property for seasonal or part-time occupancy and not as a place of legal residence; or (4) obligations guaranteed or insured by the United States of America or any agency thereof. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1969, No. 66, § 3, eff. April 17, 1969; 1973, No. 222 (Adj. Sess.), § 6, eff. April 3, 1974; 1975, No. 216 (Adj. Sess.), § 5, eff. March 27, 1976; 2009, No. 134 (Adj. Sess.), § 24i.)
9 V.S.A. § 47
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 47. Application of payments

§ 47. Application of payments|(a) On a note, bill, or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extinguish the principal.(b) Notwithstanding any other provision of this chapter to the contrary, payments shall be applied to interest, principal, and escrow charges, if any, before any portion of the payment is applied to late fees, delinquency charges, deferral charges, or any similar fees or charges. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 2019, No. 20, § 104.)
9 V.S.A. § 48
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 48. Excess insurance, proceeds

§ 48. Excess insurance, proceeds|If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficiary designated by the borrower, or to the estate of the insured, or applied in reduction of the debt. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
9 V.S.A. § 49
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 49. Computation of interest

§ 49. Computation of interest|When a note, bill, or other similar obligation is payable on demand or at a specified time, with interest annually, the annual interest that remains unpaid shall bear simple interest from the time it becomes due to the time of final settlement; but if in a year, reckoning from the time the annual interest began to accrue, payments are made, the amount of those payments at the end of that year, with interest thereon from the time of payment, shall be applied: first, to liquidate the simple interest accrued from the unpaid annual interest; second, to liquidate the annual interest due; and third, to extinguish the principal. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
9 V.S.A. § 50
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 50. Penalties

§ 50. Penalties|(a) When a greater rate of interest than is allowed by law is paid, the person paying it may recover the amount so paid above the legal interest, with interest thereon from the time of payment and all expenses of collection, including reasonable attorney's fees, in a civil action on this statute.(b) Except as otherwise expressly authorized by law, a lender shall not knowingly or willfully make any contract, express or implied, that directly or indirectly calls for the payment of any interest or finance charge in excess of the legal rate as set forth in section 41a of this title. The section shall be enforceable only to the extent herein provided and the lender shall have no right to collect any interest or charges whatsoever and shall have a right to collect only one-half of the principal.(c) Any person, partnership, association, or corporation and the several members, officers, directors, agents, and employees thereof, who knowingly or willfully contracts for or collects any sum in excess of legal interest for the loan, use, or forbearance of money, unless expressly authorized by law to do so, shall, for the first offense, be fined not more than $500.00 or imprisoned for not more than six months, or both. Upon conviction for violating this section in any transaction entered into or consummated after a first conviction hereunder, the offender shall be fined not more than $1,000.00 or imprisoned for not more than one year, or both. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1979, No. 173 (Adj. Sess.), § 14, eff. April 30, 1980.)
9 V.S.A. § 101
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 101. Borrower's notice

§ 101. Borrower's notice|A demand note shall contain on its face the following notice in a size equal to at least 10-point bold type:   NOTICE TO BORROWER: THIS IS A DEMAND NOTE AND SO MAY BE COLLECTED BY THE LENDER AT ANY TIME. A NEW NOTE MUTUALLY AGREED UPON AND SUBSEQUENTLY ISSUED MAY CARRY A HIGHER OR LOWER RATE OF INTEREST. (Added 1975, No. 106, § 3.)
9 V.S.A. § 102
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 4 - Interest|§ 102. Co-signer's notice

§ 102. Co-signer's notice|If a lender requires the signature of an obligor jointly and severally the instrument evidencing the obligation shall contain on its face the following notice, conspicuously placed, in a size equal to at least 10-point bold type:   NOTICE TO CO-SIGNER: YOUR SIGNATURE ON THIS NOTE MEANS THAT YOU ARE EQUALLY LIABLE FOR REPAYMENT OF THIS LOAN. IF THE BORROWER DOES NOT PAY, THE LENDER HAS A LEGAL RIGHT TO COLLECT FROM YOU. (Added 1975, No. 106, § 3.)