Title 08, Title 08: Banking and Insurance

§ 30301. Office hours (a) A credit union shall establish the days and hours its offices are open for business. The credit union’s governing body is responsible for determining the scope of operations of each office, including the services to be provided and the days and hours of …

§ 30302. Closing for cause A credit union may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a credit union temporarily closes any of its offices for all or any part of a day it is normally open for b…

§ 30303. Emergency closing by credit union If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal business transactions or the safety and welfare of a credit union’s plant, assets, or personnel, the credit union officer or of…

§ 30401. Preservation of records (a) A Vermont credit union and any state-chartered credit union with an office in this State shall keep such books, accounts, and records relating to all of its transactions that will enable the Commissioner to ensure full compliance with the laws…

§ 30501. Financial reports (a) The Commissioner shall require each credit union to submit a quarterly report of its condition within 30 days of the end of each calendar quarter in such manner and on such forms as the Commissioner may require. Reports shall be verified to be true,…

§ 30502. Periodic reports from state credit unions with an office or activity in this State (a) The Commissioner may require periodic reports from any state-chartered credit union that has established and maintains an office in this State or that conducts any activity in this Sta…

§ 30503. Exemption from annual report to Secretary of State Vermont credit unions shall not be required to make any annual report to the Vermont Secretary of State. (Added 2005, No. 16, § 1, eff. July 1, 2005.)

§ 30601. Examinations (a) The Commissioner shall conduct a regular examination of the condition of each Vermont credit union at least once every three years or more frequently as the Commissioner deems prudent. (b) The Commissioner may at any time conduct a special examination or…

§ 30602. 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…

§ 30603. 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…

§ 30604. Examinations; cooperative agreements (a) To the extent consistent with section 30605 of this title, the Commissioner may make such examinations of any office established and maintained in this State by a state credit union as the Commissioner may deem necessary to determ…

§ 30605. 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…

§ 30701. Enforcement powers of Commissioner (a) The Commissioner may: (1) Restrict the withdrawal of share or deposit accounts from a Vermont credit union or a Vermont office of a state-chartered credit union when the Commissioner finds that extraordinary circumstances make the r…

§ 30702. Power of Commissioner to impose corrective action (a) The Commissioner may, in addition to any other powers exercisable by the Commissioner under the provisions of this title, require a Vermont credit union or state credit union with an office in this State to: (1) maint…

§ 30703. 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 as…

§ 30704. Indemnification A credit union shall not indemnify any person for any penalty or fine imposed under this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)

§ 30705. 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 credit union and, to the e…

§ 30801. Application of subchapter (a) An application required to be filed under chapter 221, 224, or 225 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, change in bylaws, change in organizational docume…

§ 30802. 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…

§ 30803. 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…

§ 30804. Notification of approval or denial of application (a) Within 60 days after the filing of a completed application, the conclusion of any public hearing, and the conclusion of any public comment period, the Commissioner shall notify the applicant of the approval or denial …

§ 30805. Review of denial of application (a) If the application is denied, the applicant may request that the Commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the Commissioner’s stated reason or re…

§ 30901. Taxation Any credit union organized under this or any other credit union statute and all shares and deposits in the credit union shall be exempt from all taxation imposed by this jurisdiction before or after the enactment of this section or any taxing authority within th…