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Searching 2021-2022 Session

The Vermont Statutes Online


Title 8 : Banking and Insurance


Subchapter 005 : REPORTS

(Cite as: 8 V.S.A. § 30501)
  • § 30501. Financial reports

    (a) The Commissioner shall require each credit union to submit a quarterly report of its condition within 30 days of the end of each calendar quarter in such manner and on such forms as the Commissioner may require. Reports shall be verified to be true, correct, and complete by the oath of the person preparing the report.

    (b) The Commissioner may require a credit union to file additional reports or special reports at such frequency and within such time periods as the Commissioner may require in his or her discretion. The Commissioner may require that such additional or special reports include such information and be in such format as the Commissioner may direct.

    (c) Promptly following the completion of any annual audit, any verification of member accounts, or any other verification or examination performed by or at the request of the supervisory committee, the supervisory committee shall file a copy of such written report with the governing body.

    (d) Each credit union shall forward to the Commissioner a copy of all reports required by the National Credit Union Administration, or any successor thereof.

    (e) If any report is not filed by the date it is due, a fine of not more than $100.00 for each day the report remains in arrears may be levied against the offending credit union. If the report is not filed within 15 days of the due date, the Commissioner may, after written notice to the chief executive officer of the credit union of its intention to do so, suspend or revoke the certificate of approval, issue a cease and desist order, take possession of the business and property of the credit union, order its liquidation in accordance with section 36101 of this title, or take any other action permitted by law or regulation.

    (f) The Commissioner, in his or her discretion, may accept reports filed with other regulators for purposes of the requirements of this section. (Added 2005, No. 16, § 1, eff. July 1, 2005.)