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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

222

:
POWERS






Subchapter

007
:
CREDIT UNION SERVICE ORGANIZATIONS (CUSO)










 

§

32703. Records, reports, and examination

(a) A CUSO

shall:

(1) account for

all transactions in accordance with generally accepted accounting principles;

(2) prepare

quarterly financial statements and obtain an annual opinion audit by a licensed

certified public accountant on its financial statements in accordance with

generally accepted auditing standards;

(3) preserve all

of its books and records in accordance with regulations adopted by the

Commissioner applicable to credit unions;

(4) provide the

Commissioner with complete access to its books, records, and internal controls

for review, evaluation, and examination;

(5) provide such

additional audits and reports as requested by the Commissioner; and

(6) pay the

actual cost of any review, evaluation, or examination conducted by the

Commissioner.

(b) As

frequently as the Commissioner deems appropriate or necessary, the Commissioner

may conduct an examination of the records and books of a CUSO in which a credit

union has invested or to which it has lent funds or which was organized by a

credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)