reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 165 - Interstate Insurance Product Regulation Compact › § 8517. Binding effect of this compact

§ 8517. Binding effect of this compact
(a) All lawful actions of the Commission, including all rules and operating procedures adopted by the Commission, are binding upon the compacting states.
(b) All agreements between the Commission and the compacting states are binding in accordance with their terms.
(c) Upon the request of a party to a conflict over the meaning or interpretation of Commission actions, and upon a majority vote of the compacting states, the Commission may issue advisory opinions regarding the meaning or interpretation in dispute.
(d) In the event any provision of this compact exceeds the constitutional limits imposed on the legislature of any compacting state, the obligations, duties, powers, or jurisdiction sought to be conferred by that provision upon the Commission shall be ineffective as to that compacting state, and those obligations, duties, powers, or jurisdiction shall remain in the compacting state and shall be exercised by the agency thereof to which those obligations, duties, powers, or jurisdiction is delegated by law in effect at the time this compact becomes effective. (Added 2005, No. 70, § 2.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10101. Application of consumer protection chapter

§ 10101. Application of consumer protection chapter
Except as otherwise provided in this chapter, the provisions of this chapter shall apply to all financial institutions as defined in subdivision 11101(32) of this title, licensed lenders, mortgage brokers, mortgage loan originators, sales finance companies, independent trust companies, money service providers, debt adjusters, loan servicers, credit unions, and any other person doing or soliciting business in this State as described in Part 2, 4, or 5 of this title, in addition to any other applicable consumer protection or remedy section not contained in this chapter, unless such consumer protection or remedy section is expressly made exclusive. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2011, No. 78 (Adj. Sess.), § 24, eff. April 2, 2012; 2015, No. 128 (Adj. Sess.), § F.1, eff. May 24, 2016.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10102. Penalties

§ 10102. Penalties
The provisions of chapter 201, subchapter 6 of this title shall apply to any violation of this chapter, unless the section or subchapter that is the subject of the violation contains its own penalty. The procedures in chapter 201, subchapter 6 of this title shall apply to any penalty imposed for a violation of this chapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10201. Statement of policy on financial privacy

§ 10201. Statement of policy on financial privacy
It is the policy of this State to protect the privacy of customers of financial institutions without unduly inhibiting the free flow of commerce or legitimate law enforcement activities. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10202. Definitions

§ 10202. Definitions
As used in this subchapter:
(1) “Account verification service” means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of:
(A) assembling information on the frequency and location of depository account openings or attempted openings by a consumer, or forced closings by a depository institution of accounts of a consumer; or
(B) authenticating or validating Social Security numbers or addresses for the purpose of reporting to third parties for use in fraud prevention. Mailing such information to a customer to the address provided by such customer shall not be prohibited by this subchapter.
(2) “Credit reporting agency” means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of reporting to third parties on the credit rating or creditworthiness of any consumer.
(3) “Customer” means, for purposes of this subchapter, any person who deposits, borrows, or invests with a financial institution, including a surety or a guarantor on a loan.
(4) “Financial information” means an original or copy of, or information derived from:
(A) a document that grants signature authority over a deposit or share account;
(B) a statement, ledger card, or other record of a deposit or share account that shows transactions in or with respect to that deposit or account;
(C) a check, clear draft, or money order that is drawn on a financial institution or issued and payable by or through a financial institution;
(D) any item, other than an institutional or periodic charge, that is made under an agreement between a financial institution and another person’s deposit or share account;
(E) any information that relates to a loan account or an application for a loan; or
(F) evidence of a transaction conducted by electronic or telephonic means.
(5) “Financial institution” means a financial institution as defined in subdivision 11101(32) of this title, and a credit union, financial institution subsidiary, licensed lender, mortgage broker, or sales finance company organized or regulated under the laws of this State, the United States, or any other state or territory.
(6) “Mercantile agency” means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating business credit information or other information on businesses for the purpose of reporting to third parties on the credit rating or creditworthiness of any business. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10203. Disclosure of financial records prohibited

§ 10203. Disclosure of financial records prohibited
Except as otherwise expressly provided in this subchapter, a financial institution, its officers, employees, agents, and directors shall not disclose to any person any financial information relating to a customer. Financial institutions shall adopt reasonable procedures to ensure compliance with this subchapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 278, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10205. Penalties

§ 10205. Penalties
In addition to the authority provided under sections 11601, 11602, and 11603 of this title, the Commissioner may impose an administrative penalty of not more than $1,000.00 for each violation of this subchapter resulting from willful conduct or from a failure by a financial institution to provide reasonable supervision of its employees to prevent violations of this subchapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10301. Community reinvestment reports

§ 10301. Community reinvestment reports
Every financial institution subject to the Federal Community Reinvestment Act of 1977 (12 U.S.C. § 2901) as amended shall provide to the Commissioner a copy of any report issued with respect to such financial institution under that act. If the financial institution is not a Vermont financial institution, then the requirements of this section shall only apply to reports that relate to its business in this State. The Commissioner shall make such reports available for public inspection and copying. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10302. Automated teller machines

§ 10302. Automated teller machines
(a) The owner of an automated teller machine or other remote service unit, including a cash dispensing machine, located or employed in this State shall prominently and conspicuously disclose on or at the location of each such machine or on the first screen of each such machine the identity, address, and telephone number of the owner and the availability of consumer assistance. The owner shall also disclose on the screen of such machine or on a paper notice issued from the machine the amount of the fees or charges that the owner will assess to the consumer for the use of that machine. The amount of the fees or charges shall be disclosed before the consumer is irrevocably committed to completing the transaction. The Commissioner shall approve the form, content, timing, and location of such disclosures and any amendments prior to use. The Commissioner shall act on any submission made under this section within 30 days after receipt. If the Commissioner determines that any disclosures do not provide adequate consumer protection, the Commissioner may by order or by rule specify minimum disclosure standards, including the form, content, timing, and location of such disclosures. The Commissioner may impose on the owner of an automated teller machine or other remote service unit an administrative penalty of not more than $1,000.00 for each day’s failure of the owner to apply to the Commissioner for approval of disclosures required under this section, for each day’s failure of the owner to use disclosures approved by the Commissioner, or for each day’s continuing violation of an order of the Commissioner relating to the disclosures required by this section.
(b) The owner of an automated teller machine or other remote service unit, including a cash dispensing machine, located or employed in this State shall notify the Commissioner of the location of each terminal at least 30 days prior to the activation of such terminal. The owner shall notify the Commissioner of the deactivation of any terminal within 30 days after the deactivation of such terminal.
(c) In addition to an automated teller machine or other remote service unit owned by a financial institution or credit union, the provisions of this section shall apply to any automated teller machine or other remote service unit not owned by a financial institution or credit union, except it shall not include a point-of-sale terminal owned or operated by a merchant who does not charge a fee for the use of the point-of-sale terminal. The activities of an automated teller machine or other remote service unit whose owner is not a financial institution shall be limited to cash dispensing or the offer or sale of nonbanking services and products. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2013, No. 29, § 16, eff. May 13, 2013; 2019, No. 20, § 101; 2021, No. 105 (Adj. Sess.), § 279, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10402. Lending reports, disclosures, and standards

§ 10402. Lending reports, disclosures, and standards
An entity subject to this chapter shall be subject to and comply with the provisions of 9 V.S.A. chapter 4. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10501. Basic banking

§ 10501. Basic banking
It is the public policy of this State to promote the economic viability and prosperity of its residents and to promote, attract, and encourage savings. The General Assembly finds and declares that access to basic banking services for basic depository transactions is necessary for the payment of monthly expenses and for the encouragement of thrift by Vermont consumers. The General Assembly further finds and declares that reasonable cost basic banking services promote savings on the part of consumers who are young, old, or have low income and provide, through means of payment by check, draft, negotiable order of withdrawal, or similar instrument, a viable alternative for cash transactions, which is essential to all Vermont consumers. Therefore, it is the purpose of this chapter to ensure that basic banking services remain available to all Vermont consumers. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2013, No. 96 (Adj. Sess.), § 25.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10502. Definitions relating to basic banking

§ 10502. Definitions relating to basic banking
As used in sections 10501 through 10504 of this title, the following terms shall have the following meanings:
(1) “Basic checking account” means a deposit account on which the consumer is permitted to make payments or transfers by check, money order, or other negotiable instruments and that is maintained by such person for personal, family, or household purposes.
(2) “Basic savings account” means a savings account or statement savings that is maintained by such person for personal, family, or household purposes.
(3) “Consumer” means a natural person. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10504. Basic banking rules

§ 10504. Basic banking rules
The Commissioner may adopt rules to require financial institutions with their principal place of business in this State to offer basic checking and savings accounts if the Commissioner finds a material deterioration in the availability and cost of basic checking and savings account services in the results of any two consecutive surveys. The rule adopted by the Commissioner under this section shall ensure that any required basic banking will not impair the safety and soundness of any affected financial institution and that any such rules shall not adversely affect other consumers of banking services. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 282, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10505. Returned check charges

§ 10505. Returned check charges
No depository institution or credit union shall assess a returned check charge or similar charge against a depositor for the costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which it was drawn. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 1, eff. Feb. 2, 2002.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10506. Unsolicited distribution of cash advance contracts and notes

§ 10506. Unsolicited distribution of cash advance contracts and notes
No person shall distribute by mail, or in any other manner, to a Vermont resident an unsolicited cash advance contract or note in furtherance of that contract. A person who violates this section shall also be subject to the provisions of chapter 201, subchapter 6 of this title. This section does not apply to:
(1) any communication by a lender with a borrower pursuant to a preexisting credit relationship, including the furnishing on an unsolicited basis of any check, card, plate, or other means of accessing a preexisting loan or line of credit; or
(2) any unsolicited firm offer of credit made in compliance with the rules of the Federal Trade Commission relating to prescreening, as in effect from time to time. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10601. Application

§ 10601. Application
This subchapter shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered, under Parts 2, 4, and 5 of this title. (Added 2005, No. 18, § 1; amended 2015, No. 128 (Adj. Sess.), § F.2, eff. May 24, 2016.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10602. Compliance with federal laws and regulations

§ 10602. Compliance with federal laws and regulations
(a) All persons subject to this subchapter shall comply with all applicable requirements of the Truth in Lending Act of 1968, Pub. L. No. 90-321, Title I and Regulation Z, 12 C.F.R. Part 1026; the Real Estate Settlement Procedures Act of 1974, Pub. L. No. 93-533 and Regulation X, 12 C.F.R. Part 1024; and the Bank Secrecy Act of 1970, Pub. L. No. 91-508 and 31 C.F.R. Chapter X, as now or hereafter amended.
(b) The Commissioner may make such investigations and examinations to enforce the provisions of this subchapter as the Commissioner deems necessary or appropriate and may take any appropriate actions against any person whom the Commissioner has reason to believe has violated or is in violation of this subchapter. (Added 2005, No. 18, § 1; amended 2011, No. 21, § 2, eff. May 11, 2011; 2019, No. 20, § 103.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10603. Penalty

§ 10603. Penalty
The Commissioner, in addition to using any other power exercisable by the Commissioner under this title, may:
(1) impose an administrative penalty of not more than $1,000.00 for each violation upon any person who violates or participates in a violation of any law or regulation described in this subchapter;
(2) impose an administrative penalty in an amount greater than the amount prescribed in subdivision (1) of this section if a greater amount is prescribed in the federal law or regulation violated;
(3) order any person to make restitution to any person injured as a result of any violation of this subchapter; and
(4) order any person to cease violating this subchapter. (Added 2005, No. 18, § 1.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10701. Definitions

§ 10701. Definitions
As used in this subchapter:
(1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter.
(2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that:
(A) is a loan in which the committed principal amount is secured by a mortgage on residential property owned by the borrower;
(B) is due upon sale of the property securing the loan or upon the death of the last surviving borrower or upon the borrower terminating use of the real property as a principal residence or upon the borrower’s default;
(C) provides cash advances to the borrower based upon the equity or the value in the borrower’s owner-occupied principal residence; and
(D) requires no payment of principal or interest until the entire loan becomes due and payable. (Added 2009, No. 53, § 4; amended 2021, No. 105 (Adj. Sess.), § 283, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10702. Counseling

§ 10702. Counseling
Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S. Department of Housing and Urban Development and shall receive certification from the counselor that the borrower has received in-person, face-to-face counseling. However, if the borrower cannot or chooses not to travel to a counselor and cannot be visited by a counselor in their home, telephone counseling shall be provided by counseling agencies that are authorized by the Department of Financial Regulation. The certificate shall be signed by the borrower and the counselor and include the date of counseling; the name, address, and telephone number of both the borrower and the organization providing counseling; and shall be maintained by the holder of the reverse mortgage throughout the term of the reverse mortgage loan. (Added 2009, No. 53, § 4; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2021, No. 105 (Adj. Sess.), § 284, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10703. Annuities

§ 10703. Annuities
A financial institution shall not require an applicant for a reverse mortgage to purchase an annuity as a condition of obtaining a reverse mortgage loan. A financial institution or a broker arranging a reverse mortgage loan shall not:
(1) offer an annuity to the borrower prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement;
(2) refer the borrower to anyone for the purchase of an annuity prior to the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement. (Added 2009, No. 53, § 4.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 200 - Consumer Protection › § 10704. Limitation on reverse mortgage loan programs

§ 10704. Limitation on reverse mortgage loan programs
No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the reverse mortgage loan complies with all requirements for participation in the HUD Home Equity Conversion Mortgage Program or other similar federal reverse mortgage loan program from time to time created and is insured by the Federal Housing Administration or other similar federal agency or is a government sponsored enterprise reverse mortgage loan. (Added 2009, No. 53, § 4.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11201. Business days

§ 11201. Business days
(a)(1) For purposes of this title, unless otherwise provided under other state or federal law applicable to a Vermont or state financial institution that is a depository institution, a business day is a calendar day other than the following:
(A) Saturday and Sunday;
(B) New Year’s Day, January 1;
(C) Martin Luther King Jr.’s Birthday, the third Monday in January;
(D) Presidents’ Day, the third Monday in February;
(E) Town Meeting Day, the first Tuesday in March;
(F) Memorial Day, the last Monday in May;
(G) Independence Day, July 4;
(H) Bennington Battle Day, August 16;
(I) Labor Day, the first Monday in September;
(J) Indigenous Peoples’ Day, the second Monday in October;
(K) Veterans’ Day, November 11;
(L) Thanksgiving Day, the fourth Thursday in November;
(M) Christmas Day, December 25.
(2) A legal holiday that falls on a Saturday may be observed on the preceding Friday, and a legal holiday that falls on a Sunday may be observed on the following Monday.
(b) A Vermont financial institution may choose to remain open or to close any of its banking offices on any of the days enumerated in subsection (a) of this section. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2019, No. 14, § 11, eff. April 30, 2019; 2019, No. 18, § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11202. Banking day

§ 11202. Banking day
(a) Each Vermont and state depository institution shall be open not less than five banking days each week, except for the days enumerated in subsection 11201(a) of this title or except as otherwise provided in this chapter.
(b) In addition to the hours of each banking day established by an institution under subsection (a) of this section, a Vermont or state depository institution may, at its discretion, establish days and hours for its offices, including opening offices for business on days that are not defined as business days in section 11201 of this title. The financial institution’s governing body is responsible for determining the scope of operations of each branch, including the services to be provided and the days and hours of operation.
(c) A Vermont or state depository institution shall post the days and hours of operation at or near the public entrances to its banking offices and shall provide customers with reasonable advance notice of reduction in services or hours of operation.
(d) Any act authorized, required, or permitted to be performed at, by, or with respect to any Vermont or state depository institution on a day not defined as a business day or on a day the institution is closed pursuant to section 11204 or 11205 of this title, may be performed on the next succeeding business day and liability or loss of rights of any kind to such financial institution shall not result from this delay. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11203. Special hours

§ 11203. Special hours
In addition to the hours of each banking day under subsection 11202(a) of this title, a Vermont or state depository institution may have special hours on banking or other than banking days when it is open in a limited capacity for certain definite and stated transactions or purposes only, constituting substantially less than all of its banking functions. A copy of such schedule of special hours shall be filed with the Commissioner. The payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by such financial institution shall be valid, notwithstanding it was done or performed during such special hours on other than a banking day. A Vermont or state depository institution with special hours on other than a banking day shall not constitute such day a “banking day,” for the purpose of notice, presentment, protest, notice of protest, or the time requirements for any act or action or notice to perfect or preserve rights accorded under 9A V.S.A. article 4. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11204. Closing for cause

§ 11204. Closing for cause
A Vermont or state depository institution may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a Vermont or state depository institution temporarily closes any of its offices for all or any part of a banking day, the institution 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 institution from liability for failure to perform any of the business of the financial institution at the closed offices. The Commissioner may, by adopting rules, establish standards 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 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11205. Emergency closing by financial institution

§ 11205. Emergency closing by financial institution
(a) If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal banking transactions or the safety and welfare of a Vermont or state depository institution’s plant, assets, or personnel, the financial institution 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 financial institution shall notify the Commissioner of the emergency closing, as soon as reasonably possible. In no case, however, shall the office or offices closed under this section remain closed for more than two consecutive business days commencing the day following closure, except as otherwise provided by law, unless the Governor or Commissioner shall expressly authorize and sanction the same.
(b) An emergency closing pursuant to this section, including the hours of any extension sanctioned by the Governor or Commissioner, shall be lawful and the time of such closing, including any partial day before a closing, shall be considered a holiday and not a banking day. Nevertheless, the transaction of any banking business shall be valid and have the same effect as if performed during special hours on other than a banking day in accordance with section 11203 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11301. Preservation of records

§ 11301. Preservation of records
(a) A Vermont financial institution, and a state financial institution with a branch in this State, shall keep those 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 financial institution shall retain its business records for such periods as prescribed by the Commissioner by regulation.
(b) Any such financial institution 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 equally with the original. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11401. Financial reports

§ 11401. Financial reports
(a) The Commissioner shall require each Vermont financial institution to submit at least quarterly in each calendar year a report of its condition in such manner and as of such dates as the Commissioner may fix. Only summary reports and examinations shall be required with respect to fiduciary activities that are subject to court accountings. The Commissioner may accept reports filed with other regulators for purposes of the requirements of this section.
(b) The Commissioner may require special reports to include special information as the Commissioner may direct. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11402. Internal audits

§ 11402. Internal audits
(a) The governing body shall cause internal audits of the Vermont financial institution to be performed. The internal audit shall be reported in writing to the governing body at least once in six months if made by a committee of the governing body and at least once a year if made by a certified or registered public accountant. Any committee of the governing body shall consist of at least three persons. At the request of the Commissioner, a copy of the report shall be made available to the Commissioner.
(b) Prior to declaration of any dividend or other distribution, the governing body of a Vermont financial institution shall determine that the institution will continue to meet the capital requirements under section 14104 of this title as established by the Commissioner after payment of the proposed dividend or other distribution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11403. Periodic reports from state financial institutions with a branch, office, or activity in this State

§ 11403. Periodic reports from state financial institutions with a branch, office, or activity in this State
(a) The Commissioner may require periodic reports from any state financial institution that has established and maintains a branch in this State pursuant to section 15202 of this title.
(b) The Commissioner may require periodic reports from any state financial institution that has established and maintains an office or conducts an activity pursuant to section 15204 of this title.
(c) Any reporting requirements prescribed by the Commissioner under this section shall be:
(1) consistent with the reporting requirements applicable to financial institutions 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 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11404. Reports required under consumer protection chapter

§ 11404. Reports required under consumer protection chapter
A financial institution shall file with the Commissioner reports as required by chapter 200 of this title on the following:
(1) community reinvestment activities; and
(2) basic banking. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2007, No. 178 (Adj. Sess.), § 3.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11405. Exemption from annual report to Secretary of State

§ 11405. Exemption from annual report to Secretary of State
Vermont financial institutions shall not be required to make any annual report to the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11501. Examinations

§ 11501. Examinations
(a) The Commissioner shall conduct a regular examination of the condition of each Vermont financial institution at least once every three years or more frequently as the Commissioner determines it to be 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 provided in section 18 of this title and collected as provided in subsections 19(c) and (e) of this title.
(c) The Commissioner shall be given access to all the files, books, accounts, securities, and assets of the financial institution and any person under contract with it to perform services for the financial institution that the Commissioner deems material to the financial condition of the financial institution and shall be afforded every reasonable facility for making an examination of the affairs of the financial institution and such person under contract.
(d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company, the majority of the stock of which is owned by a Vermont financial institution, or that is found by the Commissioner to be controlled by a Vermont financial institution. In addition, whenever the Commissioner deems it necessary in the conduct of the exercise of the Commissioner’s supervisory authority over a financial institution, the Commissioner may review the records of any person that controls a Vermont financial institution. In furtherance of the conduct of the exercise of the Commissioner’s supervisory authority over a Vermont financial institution, to the extent not prohibited by federal law, and upon the request of the Commissioner, a person that controls a financial institution shall furnish to the Commissioner copies of reports filed with the Federal Reserve Board or the Office of Thrift Supervision. Such person shall also consent to the request by the Commissioner to the Federal Reserve Board or the Office of Thrift Supervision for any other information pertaining to such person. The Commissioner shall not disclose any information obtained pursuant to this section that is treated as confidential by the Federal Reserve Board or the Office of Thrift Supervision. Nothing in this section shall be construed to grant any additional examination, supervisory, or regulatory authority over any person that controls a Vermont financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11502. Confidentiality of investigation and examination reports

§ 11502. 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 or 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. Records of investigations and reports of examinations shall also include, when such records are considered confidential by an agency or foreign government and the records are in the possession of the Commissioner, records of examinations and investigations conducted by:
(1) any supervisory agency; and
(2) the supervisory agency of any foreign government with jurisdiction over any financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11503. Examinations by federal regulatory agencies; departmental participation

§ 11503. 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 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11504. Examinations; cooperative agreements

§ 11504. Examinations; cooperative agreements
(a) To the extent consistent with subsection 11505(a) of this title, the Commissioner may make such examinations of any branch established and maintained in this State pursuant to chapter 205 of this title by a state financial institution as the Commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of this State and in accordance with safe and sound banking practices. The provisions of sections 18, 19, 11501, 11502, and 11503 of this title shall apply to such examinations.
(b) The Commissioner may enter into contracts with any financial institution supervisory agency that has concurrent jurisdiction over a Vermont financial institution or a state financial institution maintaining a branch, agency, 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 branch, agency, office, or location established and maintained in this State by a state financial institution or any branch, agency, office, or location located in any host state that is established and maintained by a Vermont financial institution, 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 financial institution that has its principal place of business in a state other than this State, the Commissioner shall recognize the exclusive 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 matters. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11505. Cooperative and other agreements

§ 11505. 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, branch, agency, office, or location in this State of a state financial institution, or any activity or branch of a Vermont financial institution 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 15201 or 15202 of this title shall be coordinated.
(b) Agreements under this section may also be entered with nonbank regulatory agencies on matters affecting financial institutions organized or doing business in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2017, No. 1, § 2, eff. Feb. 23, 2017.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11602. Power of Commissioner to impose corrective action

§ 11602. Power of Commissioner to impose corrective action
(a) The Commissioner may, in addition to any other power exercisable by the Commissioner under the provisions in this title, require a Vermont financial institution or state financial institution with a branch in this State to:
(1) maintain its accounts in accordance with such rules as he or she may prescribe having regard to the size of the organization;
(2) observe methods and standards that he or she 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 the financial institutions’ investment policy or 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 financial institution 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; and
(9) maintain adequate insurance against such other risks as the Commissioner may deem necessary and appropriate for the protection of depositors and the public.
(b) Any order of the Commissioner issued under this section shall be subject to subsection 11601(c) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 287, eff. July 1, 2022.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11603. Criminal penalties

§ 11603. Criminal penalties
(a) It shall be a criminal offense, punishable by a fine of not more than $1,000.00 or imprisonment of not more than one year, or both, for any person to violate any existing order of the Commissioner or, after receipt of a removal order, or an order assessing a penalty, to perform any duty or exercise any power of or on behalf of any financial institution until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the removal or penalty order is vacated by the Commissioner or by a court of competent jurisdiction.
(b) It shall be a criminal offense, punishable by a fine of not more than $10,000.00 or imprisonment of not more than one year, or both, for any person to willfully violate any existing order of the Commissioner or, after receipt of a removal order, or an order assessing a penalty, to willfully perform any duty or exercise any power of or on behalf of any financial institution until the penalty has been satisfied, or otherwise satisfactorily resolved between the parties, or the removal or penalty order is vacated by the Commissioner or by a court of competent jurisdiction.
(c) An executive officer, director, or holder of a principal equity interest of a financial institution subject to the laws of this State under this title who, in violation of a standard established by section 14110 of this title, willfully misapplies any of the monies, funds, or credits of such financial institution, or any of the monies, funds, assets, or securities entrusted to the care or custody of such financial institution, or to the care or custody of such executive officer, director, or holder of a principal equity interest, shall be fined not more than $100,000.00 or imprisoned not more than five years, or both. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11604. Indemnification

§ 11604. Indemnification
A financial institution shall not indemnify any person for any penalty or fine imposed under this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 201 - Supervision; Definitions › § 11605. Commissioner’s coordination of enforcement and corrective action with home state

§ 11605. Commissioner’s coordination of enforcement and corrective action with home state
The Commissioner shall promptly give notice to the home state supervisory agency of each enforcement or corrective action proposed to be undertaken against a state financial institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving such enforcement action. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)