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Can you summarize 8 VTST Chapter 205?
Banking and Insurance > Branches
Short Summary
The provided legal document governs the establishment and maintenance of branches by Vermont financial institutions. It states that Vermont financial institutions are not allowed to establish or maintain any branch in the state for the general transaction of its business without the approval of the Commissioner. The Commissioner will approve the application for a branch if it meets the general good of the state, as determined under section 11703 of the title. However, Vermont financial institutions are allowed to establish and maintain offices or facilities that do not constitute a branch without the approval of the Commissioner. The document also mentions that the establishment of a remote service unit by a Vermont financial institution is subject to the payment of a fee. No specific penalties for non-compliance or violation of the document’s provisions are mentioned.
Whom does it apply to?
Vermont financial institutions
What does it govern?
Establishment and maintenance of branches by Vermont financial institutions
What are exemptions?
Vermont financial institutions are allowed to establish and maintain offices or facilities that do not constitute a branch without the approval of the Commissioner
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Vermont