§33103. Offices of State-chartered credit unions

Link to law: http://legislature.vermont.gov/statutes/section/08/223/33103
Published: 2015

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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.)
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