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the Vermont Statutes
2011 Vermont Code
Title 08 Banking and Insurance
Chapter 204 POWERS OF FINANCIAL INSTITUTIONS
§ 14403 Approval of commissioner
Universal Citation:
8 VT Stats § 14403. (2011 through Adj Sess)
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§ 14403. Approval of commissioner
No financial institution not otherwise expressly authorized by its respective supervisory agency under state or federal law may exercise the powers provided in this subchapter until it has applied for and obtained approval of the commissioner to do so under subsection 11701(b) of this title. The commissioner shall conduct inquiry into the affairs of the financial institution applying for those powers to determine if the financial institution is staffed, equipped, and able to furnish those services. (Added 1999, No. 153 (Adj. Sess.), { 2, eff. Jan. 1, 2001; amended 2005, No. 36, { 5, eff. June 1, 2005.)
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