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
:
BONDS AND INSURANCE
(Cite as: 8 V.S.A. § 31602)
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§ 31602. Bonds and insurance
(a) Every credit union authorized to do business in this State under this title shall
acquire and maintain a blanket fidelity bond covering the directors, officers, employees,
members of official committees, attorneys at law, and other agents with protection
against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery
or alteration of instruments, misplacement or mysterious disappearance, and for faithful
performance of duty in an amount not less than the amount prescribed by the Commissioner.
The Department shall prescribe in its rules the amount of minimum bond coverage required
for all credit unions according to their asset categories.
(b) Every credit union authorized to do business in this State under this title shall
acquire and maintain suitable insurance to protect the credit union against burglary,
robbery, theft, and other insurable hazards to which the credit union may be exposed.
(c) To the extent not otherwise covered by subsections (a) and (b) of this section, every
credit union authorized to do business in this State under this title shall acquire
and maintain such bonds and insurance to the extent the same is required by 12 C.F.R. Part 713, as amended from time to time.
(d) The Commissioner may require a credit union authorized to do business in this State
under this title to secure additional bonds and insurance. (Added 2005, No. 16, § 1, eff. July 1, 2005.)