The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
005
:
EXAMINATIONS
(Cite as: 8 V.S.A. § 11504)
-
§ 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 institution
as the Commissioner may deem necessary to determine whether the branch is being operated
in compliance with the laws of this State and in accordance with safe and sound banking
practices. The provisions of sections 18, 19, 11501, 11502, and 11503 of this title shall apply to such examinations.
(b) The Commissioner may enter into contracts with any financial institution supervisory
agency that has concurrent jurisdiction over a Vermont financial institution or a
state financial institution maintaining a branch, agency, office, or location in this
State to engage the services of such supervisory agency’s examiners, or to provide
the services of the Commissioner’s examiners to such supervisory agency.
(c) The Commissioner may enter into joint examinations or joint enforcement actions with
other supervisory agencies having concurrent jurisdiction over any branch, agency,
office, or location established and maintained in this State by a state financial
institution or any branch, agency, office, or location located in any host state that
is established and maintained by a Vermont financial institution, provided that the
Commissioner may at any time take such actions independently if the Commissioner deems
such actions to be necessary or appropriate to carry out his or her responsibilities
under this title or to ensure compliance with the laws of this State, but provided
further that, in the case of a financial institution that has its principal place
of business in a state other than this State, the Commissioner shall recognize the
exclusive authority of the home state regulator over organizational governance matters
and the primary responsibility of the home state regulator with respect to safety
and soundness matters. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)