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. § 32103)
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§ 32103. Expanded powers of Vermont credit unions
(a) Subject to the requirements of this section, in addition to all other powers permitted
under these statutes, a credit union may exercise any of the powers or engage in any
activity conferred upon a federal credit union chartered under the laws of the United
States of America.
(b) Prior to engaging in such power or activity, the credit union shall notify the Commissioner
of its intent to engage in the activity or power conferred upon a federal credit union.
The notification shall identify the power or activity, shall identify the specific
federal law or regulation that permits such power or activity, shall identify any
Vermont law or regulation that may prohibit or restrict such power or activity, and
shall provide such additional information as the Commissioner may request.
(c) If the Commissioner determines that such power or activity is permitted by federal
law or regulation, that such power or activity would not adversely affect the safety
or soundness of such credit union, and that such power or activity is not prohibited
or restricted by any other applicable Vermont law or regulation, the Commissioner
shall issue a written letter of nonobjection to the credit union’s engaging in such
power or activity. A credit union shall not engage in such power or activity without
first obtaining a written letter of nonobjection from the Commissioner.
(d) The Commissioner shall respond to the credit union’s notification within the time
frame set forth in section 30804 of this title.
(e) In the event the Commissioner objects to the credit union’s proposed power or activity,
the credit union shall have the reconsideration and appeal rights set forth in section 30805 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)