Print
The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
223
:
OFFICES, OUT-OF-STATE OFFICES, AND OFFICES OF STATE CREDIT UNIONS
§
33103. Offices of State-chartered credit unions
(a) A state
credit union may, with the prior written approval of the Commissioner,
establish one or more offices in this State; provided the laws of its home
state authorizes under conditions no more restrictive than those imposed by the
laws of this State, as determined by the Commissioner, a Vermont credit union
to establish an office in that state. Prior to approving the state credit
union's application to establish an office in this State, the Commissioner must
find that such state credit union:
(1) is
financially solvent;
(2) maintains
bonds and share insurance as required under subchapter 6 of chapter 221 of this
title;
(3) is
effectively examined and supervised by an official of the state in which it is
chartered: and
(4) is in
compliance with the requirements set forth in subsection 33102(b) of this
title.
(b) The
Commissioner may examine and supervise the Vermont offices of any state credit
union and may enter into agreements with other state credit union regulators
concerning such examinations or supervision.
(c) To the
extent federal law does not preempt the same, no state credit union may conduct
business in this State unless it:
(1) charges
interest in compliance with the provisions of
9 V.S.A. chapter 4 when making loans in this State;
(2) complies
with the consumer protection statutes and rules applicable to Vermont credit
unions;
(3) agrees to
furnish the Commissioner with a copy of the examination report conducted by its
regulatory agency or to submit to an examination by the commissioner; and
(4) designates
and maintains an agent for the service of process in this State.
(d) The
Commissioner may, after giving notice and an opportunity to be heard to any
state credit union, revoke or suspend the approval given to such state credit
union to establish an office in this State for any reason that would be
sufficient grounds to deny an application to establish an office in this State.
(e) The
Commissioner may revoke the approval of a state credit union conducting
business in this State if the Commissioner finds that:
(1) The state
credit union no longer meets the requirements of this section.
(2) The state
credit union has violated the laws of this State or lawful rules, regulations,
or orders issued by the Commissioner.
(3) The state
credit union has engaged in a pattern of unsafe or unsound credit union
practices.
(4) Continued
operation by the state credit union is likely to have a substantially adverse
impact on the financial, economic, or other interests of residents of this
State.
(5) The state
credit union is prohibited from operating in its home state. (Added 2005, No.
16, § 1, eff. July 1, 2005.)
