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Can you summarize 8 VTST Chapter 223?
Banking and Insurance > Offices, Out-of-State Offices, and Offices of State Credit Unions
Short Summary
These legal documents cover various aspects related to state credit unions operating in Vermont and the establishment of their offices. The first document governs supervisory agreements and examination costs for state credit unions in Vermont. It allows the Commissioner of Banking and Insurance to cooperate with credit union regulators from other states or jurisdictions and share information for supervision and regulation purposes. The Commissioner is authorized to enter into supervisory agreements with state credit unions and their regulators, addressing various matters such as corporate governance, operational issues, conflict of laws, and coordination of examination and application processes. The Commissioner is also empowered to adopt rules for periodic examination and investigation of state credit unions’ affairs in Vermont, with the credit unions bearing the full costs of examination and supervision. The second document governs the establishment of offices of state-chartered credit unions in Vermont. It requires prior written approval from the Commissioner for state credit unions seeking to establish offices in the state. Certain conditions must be met, including financial solvency, maintenance of bonds and share insurance, effective examination and supervision by the state of charter, and compliance with specific requirements. The Commissioner has the authority to examine and supervise the Vermont offices of state credit unions and may enter into agreements with other state credit union regulators. State credit unions conducting business in Vermont must comply with interest rate provisions, consumer protection statutes, and rules applicable to Vermont credit unions. They must also furnish examination reports or submit to examinations by the Commissioner and maintain an agent for service of process in the state. The Commissioner has the power to revoke or suspend approval for establishing an office if sufficient grounds exist. Approval may also be revoked if the state credit union no longer meets the requirements, violates laws or rules, engages in unsafe or unsound practices, or poses a substantial adverse impact on the interests of residents. The third document governs the establishment of offices by Vermont credit unions. It states that a Vermont credit union cannot establish an office within or outside the state without prior approval from the Commissioner. The Commissioner must consider factors such as the safety and soundness of the credit union, consistency with the credit union’s field of membership, compliance with applicable state and federal laws, and authorization from the other state for out-of-state offices. The document also allows Vermont credit unions to relocate their main office within the state with the approval of the Commissioner, considering factors such as the field of membership to be served, adequacy of the current main office, economic need, and convenience and necessity to the field of membership. These documents do not specify any specific exemptions or penalties.
Whom does it apply to?
State credit unions operating in Vermont, state-chartered credit unions seeking to establish offices in Vermont, Vermont credit unions seeking to establish offices within or outside the state
What does it govern?
Supervisory agreements and the costs of examinations for state credit unions operating in Vermont, establishment of offices of state-chartered credit unions in Vermont, establishment of offices by Vermont credit unions, relocation of main office by Vermont credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Vermont