reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19402. Petitioning court for hearing; notice; hearing; approval of plan

§ 19402. Petitioning court for hearing; notice; hearing; approval of plan
(a) Upon receiving the approval of the plan by the Commissioner, the committee or the Commissioner may petition the Superior Court of Washington County, setting forth the details of the plan that has been agreed upon and requesting the court to set a day for hearing thereon. Thereupon the court shall make an order fixing a day for the hearing of the petition, notice of which shall be given to the depositors and the holders of equity interests in the financial institution by publication once in each week for not less than two successive weeks immediately preceding the date of hearing in some newspaper printed in the county where the financial institution’s principal place of business is located, or in such other newspaper, having a general circulation in the county, as the court may direct and by posting a copy of the notice upon the front door of the financial institution.
(b) The court may adjourn the hearing from time to time and no further notice shall be required. At the date of hearing, or any adjournment thereof, the court shall take testimony, and if it appears that it is for the best interests of the depositors that the plan be approved, the court may make an order approving the same and fixing the terms and conditions upon which the receivership may be terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19403. Depositor’s objection to plan; receivership continued

§ 19403. Depositor’s objection to plan; receivership continued
If any of the depositors of the Vermont financial institution file written objections to the approval of the plan and refuse to consent to the plan, the court at the hearing may direct the receiver to set aside assets of each class of the receivership, in such amounts and character as the court finds to be just and equitable. Upon such terms as may be just and equitable, the court shall continue the receivership as to those assets and those depositors, and direct the receiver to turn over the remainder of the assets of the financial institution in his or her hands to the new or reorganized financial institution when directed so to do by the Commissioner, and discharge the receiver from further liability. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 314, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19404. Deposits of public money

§ 19404. Deposits of public money
If, in any financial institution referred to in section 19401 of this title, there are deposits of public money belonging to the State or any political subdivision of the State, the State Treasurer, if the deposit belongs to the State, and the Treasurer of any political subdivision, by and with the consent of the governing body of the political subdivision to which any such deposit may belong, may join with other depositors of the financial institution in a plan for the reopening or reorganizing of the institution or the establishment of a new financial institution, or the restricting of the withdrawal of deposits and for that purpose may bind the State or political subdivision, after being authorized, to limit withdrawals from that deposit over a period of time and in accordance with the plan as may have been agreed to by the other depositors of the financial institution joining in the plan. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 315, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19405. Deposits not paid or received; business continued

§ 19405. Deposits not paid or received; business continued
When a proceeding has been brought under section 19401 of this title, a deposit shall not be paid or received by that financial institution after the filing of the petition until the final decree of the Superior judge or, unless the Commissioner, in his or her discretion, and under such orders as the Commissioner may prescribe and from time to time alter and amend, permits the financial institution to continue in business pending final decree. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19406. Orders under which financial institution may continue business

§ 19406. Orders under which financial institution may continue business
Those orders shall provide that deposits received after the petition is filed and before the final decree shall be kept in cash or invested in such liquid securities as the Commissioner shall approve and segregated from the prior assets of the financial institution and shall constitute a fund for the repayment in full of deposits made after the filing of the petition. Those orders shall further provide that no withdrawal of prior deposits may be permitted except on such notice and to such specified amounts and in such specified percentage as the Commissioner determines clearly will not result in a preference. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19407. Expenses; deposits received after petition filed

§ 19407. Expenses; deposits received after petition filed
The expense of operation between filing of the petition and final decree shall be apportioned between the original assets and the new assets in such manner as the Superior judge may deem just. The deposits received between the filing of the petition and the final decree shall not be reduced by the decree except only to meet those expenses of operation, if any, or losses incurred with respect to those segregated assets. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19408. Petition denied; receiver to wind up affairs

§ 19408. Petition denied; receiver to wind up affairs
If the petition is denied, the Commissioner shall apply for a receiver to wind up the affairs of the financial institution, as provided in sections 19301 through 19315 of this title. In that case, the deposits, if any, received after petition filed and the resulting assets shall be administered separately from the other assets and liabilities, and those assets shall be distributed to the depositors by the receiver as soon as possible after his or her appointment and without deduction on account of the expense of the receivership except as provided in section 19407 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 316, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 209 - Conservation, Liquidation, and Insolvency › § 19501. Petition; powers; procedure

§ 19501. Petition; powers; procedure
(a) The Commissioner may apply to the Superior Court of Washington County to be appointed ancillary receiver of a state financial institution or any branch or subsidiary of a state financial institution in hazardous financial condition, if the Commissioner finds that:
(1) the protection of customers or depositors in this State so requires;
(2) there are sufficient assets of the state financial institution located in this State to justify the appointment of an ancillary receiver; and
(3) the Federal Deposit Insurance Corporation has not been appointed receiver of the entity.
(b) The court may issue an order appointing the Commissioner on whatever terms it shall deem appropriate. The Commissioner, as receiver, shall administer or liquidate the assets and deposits of such financial institution found in this State under the provisions of this chapter as though the entity were a Vermont financial institution.
(c) If a person in the home state of the entity or the Federal Deposit Insurance Corporation is appointed receiver subsequent to the appointment of the Commissioner under subsections (a) and (b) of this section, the Commissioner shall notify the Superior Court. The court may release the Commissioner as receiver if the court finds that the interests of Vermont customers or depositors of the entity are adequately protected in the proceedings in the home state of the entity. The court may impose conditions on the entity to ensure protection of its Vermont customers or depositors.
(d) The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which its principal office or place of business is located; or, in the case of real estate, with the town clerk of the town where the property is located, and such filing or recording shall impart the same notice that a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 317, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 210 - Mutual or Cooperative Holding Company › § 20101. Reorganization of a mutual or cooperative financial institution as a mutual holding company

§ 20101. Reorganization of a mutual or cooperative financial institution as a mutual holding company
A Vermont mutual or cooperative financial institution may reorganize, under a plan of reorganization adopted by the financial institution and submitted to and approved by the Commissioner as provided in this chapter, as a mutual holding company owning an investor-owned mutual holding company subsidiary financial institution in the following manner:
(1) By taking or causing to be taken the following actions:
(A) organizing a mutual holding company subsidiary financial institution in accordance with the procedures in section 20102 and chapter 202 of this title, the voting common stock or other ownership interest of which will be owned by the mutual holding company emerging from the reorganization, except otherwise permitted in section 20106 of this title;
(B) transferring to the mutual holding company subsidiary financial institution the substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for voting common stock or other ownership interest of the mutual holding company subsidiary financial institution; and
(C) adopting amended and restated organizational documents changing its name and conforming its organization, governance, and powers to those prescribed for a mutual holding company by section 20104 of this title; or
(2) Pursuant to any other form of restructuring approved by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 210 - Mutual or Cooperative Holding Company › § 20103. Retention of capital assets at holding company level

§ 20103. Retention of capital assets at holding company level
With the approval of the Commissioner, the plan of reorganization of a mutual or cooperative financial institution may provide for the retention of capital assets at the mutual holding company level, provided such retention will not cause the mutual holding company subsidiary financial institution to fail to meet any applicable capital adequacy requirement prescribed by state or federal laws or regulations. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 210 - Mutual or Cooperative Holding Company › § 20105. Chartering of mutual holding company subsidiary financial institution

§ 20105. Chartering of mutual holding company subsidiary financial institution
(a) Procedures. The procedures for the organization of a mutual holding company subsidiary financial institution shall be as prescribed in chapter 202 of this title, except that:
(1) A majority of the governing body of the reorganizing mutual or cooperative financial institution may serve as the incorporators of the mutual holding company subsidiary financial institution being formed and as the petitioners seeking approval of its incorporation.
(2) The initial capital requirement of section 12103 of this title shall not apply prior to the effective date of the reorganization.
(3) If the Commissioner grants the petition under section 12102 of this title, he or she shall condition such approval upon the transfer by the reorganizing mutual or cooperative financial institution to the mutual holding company subsidiary financial institution (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the Commissioner, such that the mutual holding company subsidiary financial institution will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by state or federal statutes or regulations.
(b) Filing of amended charter. Contemporaneously with consummation of the reorganization, duplicate originals of the amended and restated charter adopted by the mutual or cooperative financial institution under section 20102 of this title, governing the continuing entity as a mutual holding company, shall be filed in the Office of the Secretary of State. The amended and restated charter of the continuing entity as a mutual holding company shall take effect as of the date of the filing of such duplicate originals in the Office of the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 210 - Mutual or Cooperative Holding Company › § 20106. Issuance of capital stock and debentures by reorganized savings financial institution

§ 20106. Issuance of capital stock and debentures by reorganized savings financial institution
A mutual holding company subsidiary financial institution may issue up to 49 percent of its voting common stock to persons other than the mutual holding company. Depositors of a mutual holding company subsidiary financial institution at the time of commencement of any public offering of voting common stock shall be given the opportunity to participate in such offering in accordance with terms reasonably established by the governing body. A mutual holding company subsidiary financial institution may issue nonvoting stock, preferred stock, or capital debentures to the mutual holding company or to any person other than the mutual holding company. The issuance of stock or debentures by a mutual holding company subsidiary financial institution shall be subject to the procedures and requirements of chapter 204 of this title; provided, however, that the liquidation rights of any preferred shareholders shall be limited to repayment of their original investment in such shares and any dividends earned but unpaid prior to such liquidation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30201. Administration

§ 30201. Administration
Any state-chartered credit union organized or operating in Vermont shall be under the supervision of the Commissioner of Financial Regulation. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30202. Fees and Department expenses

§ 30202. Fees and Department expenses
The provisions of sections 18 and 19 of this title shall apply to credit unions in the same manner as they apply to financial institutions. Except for fees related to the formation of a credit union, formation of a credit union service organization, and formation of a corporate credit union, credit unions with less than $30 million in assets shall not be charged more than $100.00 per service for the services described in subsection 19(a) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30203. Rules and regulations

§ 30203. Rules and regulations
The Commissioner may adopt rules as may be necessary for the proper conduct of credit unions organized or operating under chapters 220–226 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 319, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30301. Office hours

§ 30301. Office hours
(a) A credit union shall establish the days and hours its offices are open for business. The credit union’s governing body is responsible for determining the scope of operations of each office, including the services to be provided and the days and hours of operation.
(b) A credit union shall post the days and hours of operation at or near the public entrances to its offices and shall provide customers with reasonable advance notice of reduction in services or hours of operation.
(c) Any act authorized, required, or permitted to be performed at, by, or with respect to any credit union on a day the credit union is closed may be performed on the next succeeding day the credit union is open for business, and liability or loss of rights of any kind to such credit union shall not result from this delay.
(d) A copy of such schedule of office hours shall be filed with the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30302. Closing for cause

§ 30302. Closing for cause
A credit union may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a credit union temporarily closes any of its offices for all or any part of a day it is normally open for business, the credit union shall post a conspicuous notice of the closing at all points of public access to the closed offices. A closing may not become effective until such notice is posted at the office to be closed. Posting this notice relieves the credit union from liability for failure to perform any of the business of the credit union at the closed offices. The Commissioner may adopt rules governing the form and content of the notice required under this section and may require dissemination of the notice of closing by any other reasonable means. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30303. Emergency closing by credit union

§ 30303. Emergency closing by credit union
If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal business transactions or the safety and welfare of a credit union’s plant, assets, or personnel, the credit union officer or official in charge of any office open to the public may determine not to open the office so threatened or close the same, if open. The credit union shall notify the Commissioner of the emergency closing as soon as reasonably possible. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30401. Preservation of records

§ 30401. Preservation of records
(a) A Vermont credit union and any state-chartered credit union with an office in this State shall keep such books, accounts, and records relating to all of its transactions that will enable the Commissioner to ensure full compliance with the laws of this State. Each such credit union shall retain its business records for such periods as prescribed by the Commissioner by regulation.
(b) Any such credit union may dispose of any record that has been retained for the period prescribed by or in accordance with the regulation for retention of records of its class, and thereafter shall be under no duty to produce the record in any action or proceeding.
(c) Records required to be preserved and retained by law or regulation may be maintained in paper, photograph, microprocess, magnetic, digital, mechanical, or electronic media, or in or by any other information storage device or process that forms a durable medium providing reasonable assurances against tampering and degradation of any reproduction of the original record, and that can be accurately transferred to paper in a legible written form within a reasonable time. Records maintained in a computer-based format shall be archival in nature only, so as to preclude the possibility of alteration of the content of the record by computer once the record has been transferred to that format. Any record reproduced from a record maintained in compliance with this subsection shall have the same force and effect as the original thereof and may be admitted in evidence equal to the original. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 220 - Supervision and Regulation › § 30501. Financial reports

§ 30501. Financial reports
(a) The Commissioner shall require each credit union to submit a quarterly report of its condition within 30 days of the end of each calendar quarter in such manner and on such forms as the Commissioner may require. Reports shall be verified to be true, correct, and complete by the oath of the person preparing the report.
(b) The Commissioner may require a credit union to file additional reports or special reports at such frequency and within such time periods as the Commissioner may require in his or her discretion. The Commissioner may require that such additional or special reports include such information and be in such format as the Commissioner may direct.
(c) Promptly following the completion of any annual audit, any verification of member accounts, or any other verification or examination performed by or at the request of the supervisory committee, the supervisory committee shall file a copy of such written report with the governing body.
(d) Each credit union shall forward to the Commissioner a copy of all reports required by the National Credit Union Administration, or any successor thereof.
(e) If any report is not filed by the date it is due, a fine of not more than $100.00 for each day the report remains in arrears may be levied against the offending credit union. If the report is not filed within 15 days of the due date, the Commissioner may, after written notice to the chief executive officer of the credit union of its intention to do so, suspend or revoke the certificate of approval, issue a cease and desist order, take possession of the business and property of the credit union, order its liquidation in accordance with section 36101 of this title, or take any other action permitted by law or regulation.
(f) The Commissioner, in his or her discretion, may accept reports filed with other regulators for purposes of the requirements of this section. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
2023 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.)
2023 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.)
2023 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 that is owned in whole or in part by a Vermont credit union or that 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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 rules as the Commissioner may prescribe having regard to the size of the organization;
(2) observe methods and standards that 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 that 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; amended 2021, No. 105 (Adj. Sess.), § 321, eff. July 1, 2022.)
2023 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.)
2023 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.)
2023 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.)
2023 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 that 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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 in the credit union 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 that 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; amended 2021, No. 105 (Adj. Sess.), § 322, eff. July 1, 2022.)
2023 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 chapter 220, subchapter 8 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.)
2023 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.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 221 - Organization and Management of Credit Union › § 31105. Payment of share deposits

§ 31105. Payment of share deposits
(a) A credit union organized under this chapter shall not commence business until the minimum share deposits required by the order granting permission to organize have been deposited in cash to the credit of the credit union in a depository designated by the governing body. Share deposits taken as pledges pursuant to subsection 31103(c) of this title must be converted to cash and deposited to the credit of the credit union to be included in the minimum share deposit requirement of this subsection.
(b) At such time as the credit union has received in cash the minimum share deposits required in section 31103 of this title, a complete list of the share depositors, with the name, address, occupation, and the amount of the share deposited by each shall be filed with the Commissioner, which list shall be verified by an officer and the secretary of the credit union. Such deposits shall be handled by the credit union in accordance with subchapter 5 of this chapter. (Added 2005, No. 16, § 1, eff. July 1, 2005.)