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 205 : Branches
Subchapter 002 : Interstate Branching and Activities
(Cite as: 8 V.S.A. § 15204)-
§ 15204. Other activities
(a) Subject to subsection (b) of this section, a financial institution having its principal office in a jurisdiction other than Vermont may maintain or conduct the following offices or activities in this State:
(1) a temporary agency;
(2) an office used solely for internal operations of the institution to which the public is not admitted for the conduct of financial institution business;
(3) an automated teller machine owned by other than a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts;
(4) loan production;
(5) foreign exchange services; or
(6) any other financial institution related office or activity that the Commissioner determines may be maintained or conducted in this State.
(b) A financial institution shall obtain the Commissioner’s written approval prior to maintaining any office or conducting any activity described in subsection (a) of this section. The Commissioner may condition approval on the existing availability of the activity in the State.
(c) Nothing in this section shall be deemed to permit a financial institution to solicit or accept deposits, pay checks, or loan money within this State, unless it is otherwise authorized to engage in such activity in this State.
(d) Notwithstanding section 14103 of this title, a financial institution authorized to engage in the activities permitted under this section may use the words “bank,” “banking association,” “national association,” “financial institution,” or “trust company” when engaged in the activities permitted under this section. A financial institution that is authorized to engage in loan production in this State, but not authorized to approve loans in this State, shall disclose in any printed material and advertising that it is engaged in loan production. The organizational name of such financial institution shall not be deceptively similar to any name in use by an authorized financial institution doing business in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 5, eff. Feb. 2, 2002.)
