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
001
:
GENERAL POWERS
(Cite as: 8 V.S.A. § 14110)
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§ 14110. Duties of executive officers, directors, and persons who control principal equity
interests in financial institutions; officers may not receive fees
(a) All executive officers, directors, and holders of principal equity interest of a Vermont
or state financial institution subject to the laws of this State under this title
shall comply with the standards for member banks established by Regulation O of the
Federal Reserve Board, 12 C.F.R., Part 215, as amended.
(b) An officer, director, or employee of a Vermont or state financial institution shall
not corruptly solicit or demand for the benefit of any person, or corruptly accept
or agree to accept (i) any fee, present, benefit, or commission, directly or indirectly,
from a borrower or applicant for a loan or from anyone negotiating securities at the
financial institution of which he or she is an officer, director, or employee; (ii)
any fee, present, benefit, or commission, directly or indirectly, for signing with
another as accommodation maker, surety or endorser, or for a loan made or securities
bought or sold by the financial institution, except for the benefit or profit he or
she may derive in common with other depositors or stockbrokers, and the compensation
allowed by the financial institution, for services and expenses. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)