reglab/housing_qa huggingface dataset:
8 V.S.A. § 32103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32103. Expanded powers of Vermont credit unions

§ 32103. Expanded powers of Vermont credit unions|(a) Subject to the requirements of this section, in addition to all other powers permitted under these statutes, a credit union may exercise any of the powers or engage in any activity conferred upon a federal credit union chartered under the laws of the United States of America.(b) Prior to engaging in such power or activity, the credit union shall notify the Commissioner of its intent to engage in the activity or power conferred upon a federal credit union. The notification shall identify the power or activity, shall identify the specific federal law or regulation that permits such power or activity, shall identify any Vermont law or regulation that may prohibit or restrict such power or activity, and shall provide such additional information as the Commissioner may request.(c) If the Commissioner determines that such power or activity is permitted by federal law or regulation, that such power or activity would not adversely affect the safety or soundness of such credit union, and that such power or activity is not prohibited or restricted by any other applicable Vermont law or regulation, the Commissioner shall issue a written letter of nonobjection to the credit union's engaging in such power or activity. A credit union shall not engage in such power or activity without first obtaining a written letter of nonobjection from the Commissioner.(d) The Commissioner shall respond to the credit union's notification within the time frame set forth in section 30804 of this title.(e) In the event the Commissioner objects to the credit union's proposed power or activity, the credit union shall have the reconsideration and appeal rights set forth in section 30805 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32104. Investments

§ 32104. Investments|(a) A Vermont credit union may invest its assets prudently in accordance with the best judgment of its governing body, subject to the limitations set forth in this section and in the credit union's adopted investment policy.(b) A Vermont credit union's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following:  (1) investment quality parameters. (2) investment mix and diversification. (3) investment maturities; and (4) Delegation of authority to officers and committees responsible for administering the portfolio.   (c) Funds not used in loans to members may be invested:  (1) in loans to or in shares or deposits of other credit unions and central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law. (2) in the capital shares, obligations, or preferred stock issues of any agency or an association organized either as a stock company, mutual association or membership corporation; provided the membership or stockholdings, as the case may be, of such agency or association are primarily confined or restricted to credit unions or organizations of credit unions, and provided the purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations. (3) in shares of a cooperative society organized under the laws of this state or of the laws of the United States in the total amount not exceeding ten percent of the shares, deposits, and surplus of the credit union. (4) in loans to any credit union association or corporation, national or state, of which the credit union is a member, except that the investments shall be limited to two percent of the assets of the credit union. (5) in any investment legal for financial institutions as they are defined in subdivision 11101(32) of this title, but in no event common stock. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32201. Deposit powers

§ 32201. Deposit powers|(a) Applicability. The provisions of subsection 14201(b) of this title governing deposit accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.(b) Insurance. A Vermont credit union that accepts deposits or an office of a state-chartered credit union authorized to do business in this State shall not accept deposits in this State unless the credit union has insurance with the National Credit Union Administration or the successor to that federal agency.(c) Cash reserve on deposits and accounts. A credit union shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, as amended, and any regulations adopted thereunder. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32202. Payment of deposits to administrators from another state or country

§ 32202. Payment of deposits to administrators from another state or country|The provisions of section 14202 of this title governing the payment of deposits to administrators from another state or country shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32203. Trust deposits; payment on death of trustee

§ 32203. Trust deposits; payment on death of trustee|(a) When a deposit is made in a credit union by one or more persons in trust for another, the name and residence of the person for whom the deposit is made shall be disclosed, and the deposit shall be credited to the depositor or depositors as trustee for such person.(b)(1) The credit union may accept deposits:   (A) in the name of a member in trust for a member beneficiary; (B) in the name of a member in trust for a nonmember beneficiary; or (C) in the name of a nonmember trustee for a beneficiary who is a member.  (2) No beneficiary or trustee, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office, or be required to pay an entrance or membership fee.   (c) When other notice of the existence and terms of a legal trust is not given in writing to the credit union, at the death of the trustee, or if there is more than one trustee, at the death of the surviving trustee, the deposit or any part thereof, with the interest thereon, may be paid to the person for whom the deposit was made or to his or her estate. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32204
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32204. Joint deposits

§ 32204. Joint deposits|(a) The provisions of section 14204 of this title governing joint deposits shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.(b) A single joint share account may hold more than one membership share, supporting membership for more than one member of the credit union. If more than one joint owner seeks credit union membership through the joint account, the joint account must contain a membership share for each member. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32205
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32205. Payable on death accounts

§ 32205. Payable on death accounts|The provisions of section 14205 of this title governing payable on death accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32206
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32206. Deposits of minors; exemption from trustee process

§ 32206. Deposits of minors; exemption from trustee process|The provisions of section 14206 of this title governing deposits of minors and exemption from trustee process shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32207
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32207. Provisions when title to deposit is litigated

§ 32207. Provisions when title to deposit is litigated|The provisions of section 14207 of this title relating to when title to a deposit is litigated shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32208
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32208. Real estate trust and escrow

§ 32208. Real estate trust and escrow|The provisions of section 14210 of this title governing pooled real estate trust and escrow accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32209
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32209. Claims not clearly consistent

§ 32209. Claims not clearly consistent|The provisions of section 14211 of this title governing claims not clearly consistent with the terms of any applicable authority on file with the credit union shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32210
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32210. Lien; setoff

§ 32210. Lien; setoff|The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates, and accumulated dividends or interest of a member in an individual or joint account for any sum past due the credit union from said member or for any loan endorsed by such member. The credit union shall also have a right of immediate setoff with respect to every such account. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32211
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32211. Applicability of other laws

§ 32211. Applicability of other laws|The provisions of subsection 11501(c)(examination) and section 14212 (joint fiduciary accounts) of this title shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32302. Real estate loans

§ 32302. Real estate loans|(a) Clear title. All loans secured by mortgages on real estate shall be supported by written evidence satisfactory to the credit union 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 credit union 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 real estate related transaction entered into by a credit union shall comply with Part 722 of the National Credit Union Administration rules and regulations, as amended from time to time.(c) Servicing of loans. A credit union may contract with another credit union, 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 credit union shall not lose or suffer any impairment of any right of deduction or offset it might have against anyone liable for the mortgage debt.(d) Home loan escrow accounts. Any credit union 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' affairs, 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 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32303
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32303. Credit cards

§ 32303. Credit cards|The provisions of section 14303 of this title governing credit cards shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32401. Authority

§ 32401. Authority|No credit union shall make member business loans unless it has complied with the provisions of this subchapter and such rules adopted by the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32402
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32402. Commissioner approval

§ 32402. Commissioner approval|A credit union shall obtain the written approval of the Commissioner prior to engaging in the business of making member business loans. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32601
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32601. Failure to pay rent; removal of contents

§ 32601. Failure to pay rent; removal of contents|The provisions of section 14501 of this title governing safe deposit boxes shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32701. Organization of a credit union service organization

§ 32701. Organization of a credit union service organization|(a) With the approval of the Commissioner, a credit union may establish a credit union service organization (CUSO) by itself or jointly with one or more other Vermont credit unions, federal credit unions, state-chartered credit unions, or other federally insured depository institutions within or outside this State. The establishing credit union shall file an application with the Commissioner, which application shall include a description of the services to be engaged in by the CUSO, an explanation of how the proposed services are related to credit union services, the application fee, and any other information that the Commissioner may require.(b) A CUSO shall be organized as a corporation or as a limited liability company and the potential exposure of each credit union shall be no more than the amount of funds invested in or lent to the CUSO by such credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32702. Expansion of services

§ 32702. Expansion of services|A CUSO shall not expand its services without the prior written approval of the Commissioner. A CUSO shall file a written notice with the Commissioner setting forth its intention to expand its services, a description of the proposed expanded services, an explanation of how the proposed expansion is related to credit union services, and any other information that the Commissioner may require. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32703. Records, reports, and examination

§ 32703. Records, reports, and examination|(a) A CUSO shall:  (1) account for all transactions in accordance with generally accepted accounting principles; (2) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards; (3) preserve all of its books and records in accordance with regulations adopted by the Commissioner applicable to credit unions; (4) provide the Commissioner with complete access to its books, records, and internal controls for review, evaluation, and examination; (5) provide such additional audits and reports as requested by the Commissioner; and (6) pay the actual cost of any review, evaluation, or examination conducted by the Commissioner.   (b) As frequently as the Commissioner deems appropriate or necessary, the Commissioner may conduct an examination of the records and books of a CUSO in which a credit union has invested or to which it has lent funds or which was organized by a credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32704. Limitation on loans to and investments in a CUSO

§ 32704. Limitation on loans to and investments in a CUSO|(a) A credit union may invest its funds in or make loans to a CUSO, provided the total of any such investment in or loan to any one CUSO does not exceed two percent of the total paid-in and unimpaired capital and surplus and share deposits as of its last calendar year-end financial report of the credit union without regard to the amount derived from the profitability of such CUSO.(b) As used in subsection (a) of this section:  (1) paid-in and unimpaired capital and surplus means shares plus postclosing, undivided earnings (this does not include regular reserves or special reserves required by law, regulation, or special agreement between the credit union and its regulator or share insurer); and (2) total investments in and total loans to CUSO will be measured consistent with generally accepted accounting principles.   (c) If the Commissioner determines that a credit union's investments in or loans to any CUSO exceed the limitations of this section or are otherwise not prudent for the credit union to maintain, the Commissioner may require the credit union to divest such loans or investments. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32705. Investing in, lending to, or joining an existing CUSO

§ 32705. Investing in, lending to, or joining an existing CUSO|(a) Subject to the limitations of section 32704 of this title, a credit union may invest its funds in, join, or lend to an existing CUSO. The credit union shall file with the Commissioner prior written notice of its intention to make such investment in or loan to an existing CUSO.(b) Prior to investing in or lending to an existing CUSO, a credit union shall:  (1) obtain a written agreement that the CUSO will:  (A) account for all transactions in accordance with generally accepted accounting principles; (B) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards; (C) provide the Commissioner with complete access to all books and records of the CUSO and with the ability to review CUSO internal controls, as the Commissioner deems necessary; and (D) pay the actual cost of any examination conducted by the Commissioner; and  (2) obtain a written legal opinion that the CUSO is established as a corporation or a limited liability company and that the potential exposure of the credit union is limited to no more than the loss of funds invested in or lent to the CUSO. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32706
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32706. Customer base

§ 32706. Customer base|A credit union may organize, invest in, or lend to a CUSO only if the credit union service organization primarily serves credit unions, its membership, or the membership of credit unions contracting with the CUSO. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32707
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32707. Bond

§ 32707. Bond|Each credit union service organization and each of its directors, officers, managers, general partners, employees, and authorized agent of a CUSO who has charge or possession of the funds, securities, or other assets of such CUSO shall be bonded by a surety company authorized to do business in this State. Such bond shall be in favor of the CUSO and in such amount as is approved by the governing body of the CUSO. The Commissioner may require the amount of the bond to be increased. A copy of each bond and any renewal thereof shall be promptly filed with the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32708
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32708. Prohibited activities

§ 32708. Prohibited activities|A CUSO shall not acquire control of, either directly or indirectly, another depository financial institution, nor invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or similar organization, corporation, or association. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32709
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32709. Separate entities

§ 32709. Separate entities|(a) A credit union and a CUSO shall be operated in a manner that demonstrates to the public the separate existence of the credit union and the CUSO.(b) At the request of the Commissioner, the credit union shall provide to the Commissioner a written legal opinion of counsel as to whether the CUSO is established in a manner that will limit potential exposure of the credit union to no more than the loss of funds invested in, or lent to, the CUSO. The legal opinion shall address factors that have led courts to "pierce the corporate veil" such as inadequate capitalization, lack of separate corporate identity, common boards of directors and employees, control of one entity over another, and lack of separate books and records. Independent legal counsel of the investing credit union or the CUSO may provide the legal opinion. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32710
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO

§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO|A CUSO shall be subject to chapter 226 of this title governing suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32711
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32711. Rules and regulations

§ 32711. Rules and regulations|The Commissioner may adopt such additional rules and regulations governing CUSOs as the Commissioner deems appropriate. (Added 2005, No. 16, § 1, eff. July 1, 2005.)