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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

202

:
ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED FINANCIAL INSTITUTIONS






Subchapter

006
:
SPECIAL PURPOSE FINANCIAL INSTITUTIONS










 

§

12601. Certain special purpose financial institutions authorized

(a) In addition

to universal financial institutions authorized under subchapters 1-5 of this

chapter and under chapter 203 of this title, special purpose financial

institutions may be established in this state, subject to the conditions and

limitations imposed under this subchapter.

(b) Any person

who, directly or indirectly, controls a special purpose financial institution

established under this subchapter shall be subject to the supervision of the

Commissioner, unless that person is a bank holding company regulated by the

Federal Reserve Board or savings and loan holding company regulated by the

director of the Office of Thrift Supervision. In exercising the supervisory

powers under this subchapter, the Commissioner may require such examination and

reports, including copies of reports filed with federal regulatory agencies, of

the special purpose financial institution and any person that controls it as

the Commissioner deems necessary to protect the interests of depositors,

borrowers, or other parties in interest.

(c) Any material

change in a business plan by a special purpose financial institution authorized

to do business under this subchapter shall be submitted to the Commissioner for

prior approval, unless the provisions of this title require the financial

institution to file an application with the Commissioner. (Added 1999, No. 153

(Adj. Sess.), § 2, eff. Jan. 1, 2001.)