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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

205

:
BRANCHES






Subchapter

001
:
INTRASTATE BRANCHING










 

§

15101. Establishment of Vermont branches

A Vermont

financial institution shall not establish or maintain any branch in this State

for the general transaction of its business without the approval of the

Commissioner. The Commissioner shall approve the application for a branch under

this section if the Commissioner finds that, based on an application filed

under subsection 11701(b) of this title, the application meets the general good

of the State as determined under section 11703 of this title. A Vermont

financial institution may establish and maintain offices or facilities that do

not constitute a branch, without the approval of the Commissioner; provided,

however, that establishment of a remote service unit by a Vermont financial

institution shall be subject to payment of the fee provided in subdivision

19(a)(6) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1,

2001.)