The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
Title 8 : Banking and Insurance
Chapter 223 : Offices, Out-of-State Offices, and Offices of State Credit Unions
(Cite as: 8 V.S.A. § 33102)-
§ 33102. In-State and out-of-State offices
(a) A Vermont credit union shall not establish an office in this State or outside this State without the prior approval of the Commissioner in accordance with subsection 30801(b) of this title.
(b) Prior to approving the credit union’s application to establish an office in this State or outside this State, the Commissioner must find that:
(1) establishment of the proposed office is consistent with the safety and soundness of the credit union;
(2) establishment of the proposed office is consistent with the credit union’s field of membership;
(3) the credit union has a record of compliance with the requirements of applicable State and federal law; and
(4) in the case of an out-of-State office, the laws of such other state authorize the establishment of such office. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 339, eff. July 1, 2022.)
