Act No. 78 (H.512). Commerce and trade; banking; insurance; securities; Nationwide Mortgage Licensing System

An act relating to banking, insurance, securities, and health care administration

This act changed the name of the department of banking, insurance, securities, and health care administration to the department of financial regulation. In addition, and among other things, the act requires Vermont-domiciled independent trust companies, merchant banks, and uninsured banks to have one meeting per year in Vermont; have a Vermont director and a place of business in Vermont; and an agent for service of process in Vermont. Also, the act brings various regulated entities, such as money servicers, debt adjusters, and loan servicers, under the Nationwide Mortgage Licensing System. Finally, the act requires the commissioner of financial regulation to study certain aspects of Vermont's law pertaining to the conversion of nonprofit hospitals, 18 V.S.A. § 9420.

Effective Date: April 2, 2012