§15205. Out-of-state activities by Vermont financial institutions

Link to law: http://legislature.vermont.gov/statutes/section/08/205/15205
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

205

:
BRANCHES






Subchapter

002
:
INTERSTATE BRANCHING AND ACTIVITIES










 

§

15205. Out-of-state activities by Vermont financial institutions

(a) Subject to

subsection (b) of this section, a Vermont financial institution may maintain or

conduct the following offices or activities in another state:

(1) a temporary

agency;

(2) an office

used solely for internal operations of the institution to which the public is

not admitted for the conduct of financial institution business;

(3) an automated

teller machine owned by a Vermont financial institution; provided, however,

that it does not accept deposits or transfer funds between accounts;

(4) loan

production;

(5) foreign

exchange services;

(6) trust

activities; or

(7) any other

financial institution-related activity that the host state determines may be

maintained or conducted in such state.

(b) The Vermont

financial institution shall provide the Commissioner with written evidence that

the host state approved, did not object to, or otherwise allows the Vermont

financial institution to maintain the office or conduct in the host state the

activity described in subsection (a) of this section. In order to engage in

trust activities in the host state, a Vermont financial institution shall have

previously obtained the Commissioner's approval to engage in trust activities

under section 14403 of this title.

(c) Nothing in

this section shall be deemed to permit a Vermont financial institution to

solicit or accept deposits, pay checks, or lend money within the host state,

unless it is otherwise authorized to engage in such activity in the host state.

(Added 2005, No. 36, § 6, eff. June 1, 2005.)
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