The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 8 : Banking and Insurance
Chapter 201 : Supervision; Definitions
Subchapter 006 : Enforcement
(Cite as: 8 V.S.A. § 11602)-
§ 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 State to:
(1) maintain its accounts in accordance with such rules as he or she may prescribe having regard to the size of the organization;
(2) observe methods and standards that he or she may prescribe for determining the value of various types of assets;
(3) charge off or sell the whole or part of an asset that was acquired in violation of the financial institutions’ investment policy or an order of the Commissioner;
(4) write down an asset to its market value;
(5) record liens and other interests in property;
(6) obtain a financial statement from a borrower to the extent that the financial institution can do so;
(7) obtain insurance against damage to real estate taken as security;
(8) search, or obtain insurance of, the title to real estate taken as security; and
(9) maintain adequate insurance against such other risks as the Commissioner may deem necessary and appropriate for the protection of depositors and the public.
(b) Any order of the Commissioner issued under this section shall be subject to subsection 11601(c) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 287, eff. July 1, 2022.)
