Title 08, Title 08: Banking and Insurance

§ 11204. Closing for cause A Vermont or state depository institution may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a Vermont or state depository institution temporarily closes any of its offices …

§ 11205. Emergency closing by financial institution (a) If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal banking transactions or the safety and welfare of a Vermont or state depository institution’s plant, assets, or pe…

§ 11301. Preservation of records (a) A Vermont financial institution, and a state financial institution with a branch in this State, shall keep those books, accounts, and records relating to all of its transactions that will enable the Commissioner to ensure full compliance with …

§ 11401. Financial reports (a) The Commissioner shall require each Vermont financial institution to submit at least quarterly in each calendar year a report of its condition in such manner and as of such dates as the Commissioner may fix. Only summary reports and examinations sha…

§ 11402. Internal audits (a) The governing body shall cause internal audits of the Vermont financial institution to be performed. The internal audit shall be reported in writing to the governing body at least once in six months if made by a committee of the governing body and at …

§ 11403. Periodic reports from state financial institutions with a branch, office, or activity in this State (a) The Commissioner may require periodic reports from any state financial institution that has established and maintains a branch in this State pursuant to section 15202 …

§ 11404. Reports required under consumer protection chapter A financial institution shall file with the Commissioner reports as required by chapter 200 of this title on the following: (1) community reinvestment activities; and (2) basic banking. (Added 1999, No. 153 (Adj. Sess.),…

§ 11405. Exemption from annual report to Secretary of State Vermont financial institutions shall not be required to make any annual report to the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)

§ 11501. Examinations (a) The Commissioner shall conduct a regular examination of the condition of each Vermont financial institution at least once every three years or more frequently as the Commissioner determines it to be prudent. (b) The Commissioner may at any time conduct a…

§ 11502. Confidentiality of investigation and examination reports (a) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports of examinations by the Commissioner, whether in the possess…

§ 11503. Examinations by federal regulatory agencies; departmental participation Where an examination is normally conducted by the Department jointly with a federal regulatory authority, the Commissioner, at such times as the Commissioner deems necessary or appropriate because of…

§ 11504. Examinations; cooperative agreements (a) To the extent consistent with subsection 11505(a) of this title, the Commissioner may make such examinations of any branch established and maintained in this State pursuant to chapter 205 of this title by a state financial institu…

§ 11505. Cooperative and other agreements (a) The Commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other governmental agency, the Federal Home Loan Bank, or any organization affiliated with or representing one or more governmental…

§ 11601. Enforcement powers of Commissioner (a) The Commissioner may: (1) Restrict the withdrawal of deposits from a Vermont financial institution, a state financial institution, or a branch of a foreign bank licensed under this title when the Commissioner finds that extraordinar…

§ 11602. Power of Commissioner to impose corrective action (a) The Commissioner may, in addition to any other power exercisable by the Commissioner under the provisions in this title, require a Vermont financial institution or state financial institution with a branch in this Sta…

§ 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 a…

§ 11604. Indemnification A financial institution shall not indemnify any person for any penalty or fine imposed under this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)

§ 11605. Commissioner’s coordination of enforcement and corrective action with home state The Commissioner shall promptly give notice to the home state supervisory agency of each enforcement or corrective action proposed to be undertaken against a state financial institution and,…

§ 11701. Application of subchapter (a) An application required to be filed under chapter 202, 203, 206, 207, or 210 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, or other similar request, shall be subm…

§ 11702. Applications (a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional inf…

§ 11703. Hearings on applications; decisions; general good standard (a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion. (b) After consideration of all relevant matters presented in the application, in any writte…