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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.)