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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 204 : POWERS OF FINANCIAL INSTITUTIONS

Subchapter 001 : General Powers

(Cite as: 8 V.S.A. § 14110)
  • § 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.)