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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

204

:
POWERS OF FINANCIAL INSTITUTIONS






Subchapter

001
:
GENERAL POWERS










 

§

14103. Advertising; doing business or using name unlawfully

No person shall

advertise or put forth any sign as a bank, banking association, or trust

company, or in any way solicit or receive deposits or transact business as a

bank, banking association, financial institution or trust company, or use the

words "bank," "banking association," or "trust

company" or other similar sounding word or name unless it is a financial

institution reporting to and under the supervision of the Commissioner or is

authorized to conduct such business in this state under federal law, or unless

the Commissioner approves the activity or word or name used in writing after

giving due consideration for whether the activity, word, or name will confuse

or mislead the public as to the nature of the business of the entity. However,

this section shall not prevent an individual, as such, from acting in a trust

capacity. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)