Title 08, Title 08: Banking and Insurance

§ 10203. Disclosure of financial records prohibited Except as otherwise expressly provided in this subchapter, a financial institution, its officers, employees, agents, and directors shall not disclose to any person any financial information relating to a customer. Financial inst…

§ 10204. Exceptions This subchapter does not prohibit any of the activities listed in this section. This section shall not be construed to require any financial institution to make any disclosure not otherwise required by law. This section shall not be construed to require or enc…

§ 10205. Penalties In addition to the authority provided under sections 11601, 11602, and 11603 of this title, the Commissioner may impose an administrative penalty of not more than $1,000.00 for each violation of this subchapter resulting from willful conduct or from a failure b…

§ 10206. Lead solicitations (a) As used in this section, “consumer” means a natural person residing in this State. (b) A person shall not use the name, trade name, or trademark of any financial institution in any written or oral advertisement or solicitation to a specifically ide…

§ 10301. Community reinvestment reports Every financial institution subject to the Federal Community Reinvestment Act of 1977 (12 U.S.C. § 2901) as amended shall provide to the Commissioner a copy of any report issued with respect to such financial institution under that act. If …

§ 10302. Automated teller machines (a) The owner of an automated teller machine or other remote service unit located or to be located in this State shall, using a form prescribed by the Commissioner: (1) provide the ownership and location of each machine or unit at least 30 days …

§ 10402. Lending reports, disclosures, and standards An entity subject to this chapter shall be subject to and comply with the provisions of 9 V.S.A. chapter 4. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)

§ 10403. Prohibition on discrimination based on sex, marital status, race, color, religion, national origin, age, sexual orientation, gender identity, or disability (a) Discrimination prohibited. No financial institution shall discriminate against any applicant for credit service…

§ 10404. Home loan escrow accounts (a) As used in this section: (1) “Borrower” means one or more natural persons who are obligated to make escrow account payments under the terms of a loan agreement secured by residential real estate occupied by the borrower. (2) “Escrow account”…

§ 10405. Debt protection agreements (a) Debt protection agreements that meet the requirements of this section, including requirements related to necessary disclosures, prohibited activities, and to the sale, transfer, and assignment of such agreements, are not insurance as define…

§ 10501. Basic banking It is the public policy of this State to promote the economic viability and prosperity of its residents and to promote, attract, and encourage savings. The General Assembly finds and declares that access to basic banking services for basic depository transa…

§ 10502. Definitions relating to basic banking As used in sections 10501 through 10504 of this title, the following terms shall have the following meanings: (1) “Basic checking account” means a deposit account on which the consumer is permitted to make payments or transfers by ch…

§ 10504. Basic banking rules The Commissioner may adopt rules to require financial institutions with their principal place of business in this State to offer basic checking and savings accounts if the Commissioner finds a material deterioration in the availability and cost of bas…

§ 10505. Returned check charges No depository institution or credit union shall assess a returned check charge or similar charge against a depositor for the costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which i…

§ 10506. Unsolicited distribution of cash advance contracts and notes No person shall distribute by mail, or in any other manner, to a Vermont resident an unsolicited cash advance contract or note in furtherance of that contract. A person who violates this section shall also be s…

§ 10601. Application This subchapter shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered, under Parts 2, 4, and 5 of this title. (Added 2005, No. 18, § 1; amended 2015, No. 128 (Adj. Sess.), § F.2, eff. May 24, 201…

§ 10602. Compliance with federal laws and regulations (a) All persons subject to this subchapter shall comply with all applicable requirements of the Truth in Lending Act of 1968, Pub. L. No. 90-321, Title I and Regulation Z, 12 C.F.R. Part 1026; the Real Estate Settlement Proced…

§ 10603. Penalty The Commissioner, in addition to using any other power exercisable by the Commissioner under this title, may: (1) impose an administrative penalty of not more than $1,000.00 for each violation upon any person who violates or participates in a violation of any law…

§ 10701. Definitions As used in this subchapter: (1) Financial institution. “Financial institution” means a financial institution as defined in subdivision 10202(5) of this chapter. (2) Reverse mortgage loan. “Reverse mortgage loan” means a loan that: (A) is a loan in which the c…

§ 10702. Counseling Prior to accepting an application for a reverse mortgage loan, a financial institution shall refer every borrower to counseling from an organization that is a housing counseling agency approved by the U.S. Department of Housing and Urban Development and shall …

§ 10703. Annuities A financial institution shall not require an applicant for a reverse mortgage to purchase an annuity as a condition of obtaining a reverse mortgage loan. A financial institution or a broker arranging a reverse mortgage loan shall not: (1) offer an annuity to th…

§ 10704. Limitation on reverse mortgage loan programs No financial institution shall issue a reverse mortgage loan unless it is a lender approved by the federal Department of Housing and Urban Development (HUD) to enter into a loan insured by the federal government and the revers…