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
007
:
CREDIT UNION SERVICE ORGANIZATIONS (CUSO)
(Cite as: 8 V.S.A. § 32701)
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§ 32701. Organization of a credit union service organization
(a) With the approval of the Commissioner, a credit union may establish a credit union
service organization (CUSO) by itself or jointly with one or more other Vermont credit
unions, federal credit unions, state-chartered credit unions, or other federally insured
depository institutions within or outside this State. The establishing credit union
shall file an application with the Commissioner, which application shall include a
description of the services to be engaged in by the CUSO, an explanation of how the
proposed services are related to credit union services, the application fee, and any
other information that the Commissioner may require.
(b) A CUSO shall be organized as a corporation or as a limited liability company and the
potential exposure of each credit union shall be no more than the amount of funds
invested in or lent to the CUSO by such credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)