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
006
:
SPECIAL PURPOSE FINANCIAL INSTITUTIONS
(Cite as: 8 V.S.A. § 12601)
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§ 12601. Certain special purpose financial institutions authorized
(a) In addition to universal financial institutions authorized under subchapters 1-5 of
this chapter and under chapter 203 of this title, special purpose financial institutions
may be established in this State, subject to the conditions and limitations imposed
under this subchapter.
(b) Any person who, directly or indirectly, controls a special purpose financial institution
established under this subchapter shall be subject to the supervision of the Commissioner,
unless that person is a bank holding company regulated by the Federal Reserve Board
or savings and loan holding company regulated by the director of the Office of Thrift
Supervision. In exercising the supervisory powers under this subchapter, the Commissioner
may require such examination and reports, including copies of reports filed with federal
regulatory agencies, of the special purpose financial institution and any person that
controls it as the Commissioner deems necessary to protect the interests of depositors,
borrowers, or other parties in interest.
(c) Any material change in a business plan by a special purpose financial institution
authorized to do business under this subchapter shall be submitted to the Commissioner
for prior approval, unless the provisions of this title require the financial institution
to file an application with the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)