§11603. Criminal penalties

Link to law: http://legislature.vermont.gov/statutes/section/08/201/11603
Published: 2015

Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

201

:
SUPERVISION; DEFINITIONS






Subchapter

006
:
ENFORCEMENT










 

§

11603. Criminal penalties

(a) It shall be

a criminal offense, punishable by a fine of not more than $1,000.00 or

imprisonment of not more than one year, or both, for any person to violate any

existing order of the Commissioner, or, after receipt of a removal order, or an

order assessing a penalty, to perform any duty or exercise any power of or on

behalf of any financial institution until the penalty has been satisfied, or

otherwise satisfactorily resolved between the parties, or the removal or penalty

order is vacated by the Commissioner or by a court of competent jurisdiction.

(b) It shall be

a criminal offense, punishable by a fine of not more than $10,000.00 or

imprisonment of not more than one year, or both, for any person to willfully

violate any existing order of the Commissioner, or, after receipt of a removal

order, or an order assessing a penalty, to willfully perform any duty or

exercise any power of or on behalf of any financial institution until the

penalty has been satisfied, or otherwise satisfactorily resolved between the

parties, or the removal or penalty order is vacated by the Commissioner or by a

court of competent jurisdiction.

(c) An executive

officer, director, or holder of a principal equity interest of a financial

institution subject to the laws of this state under this title who, in

violation of a standard established by section 14110 of this title, willfully

misapplies any of the moneys, funds, or credits of such financial institution,

or any of the moneys, funds, assets, or securities entrusted to the care or

custody of such financial institution, or to the care or custody of such

executive officer, director, or holder of a principal equity interest, shall be

fined not more than $100,000.00 or imprisoned not more than five years, or

both. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Read Entire Law on legislature.vermont.gov