§ 10. Declaration of policy It is declared to be the policy of the State of Vermont that: (1) the business of organizations that offer financial services and products shall be supervised by the Commissioner in a manner to assure the solvency, liquidity, stability, and efficiency of all such organizations, to assure reasonable and orderly […]
§ 11. Department (a) General. The Department of Financial Regulation created by 3 V.S.A. § 212 shall have jurisdiction over and shall supervise: (1) Financial institutions, credit unions, licensed lenders, mortgage brokers, insurance companies, insurance agents, broker-dealers, investment advisors, and other similar persons subject to the provisions of this title and 9 V.S.A. chapters 59, […]
§ 12. Commissioner The Department shall be administered by a Commissioner of Financial Regulation who shall be appointed by the Governor biennially, in the month of February, with the advice and consent of the Senate. Commissioner, as used in this title, shall mean the Commissioner of Financial Regulation. (Added 1999, No. 153 (Adj. Sess.), § […]
§ 13. Powers and penalties (a) In addition to any other penalties, and in order to enforce this title, 9 V.S.A. chapters 131 and 150, Title 9A, and 18 V.S.A. chapter 221, the Commissioner may issue subpoenas, examine persons, administer oaths, and require production of papers and records. Any subpoena or notice to produce may […]
§ 15. Rules, orders, and administrative interpretations (a) In addition to other powers conferred by this title and 18 V.S.A. chapter 221, the Commissioner may adopt rules and issue orders as shall be authorized by or necessary to the administration of this title and of 18 V.S.A. chapter 221, and to carry out the purposes […]
§ 15a. Insurance regulatory sandbox; innovation waiver; sunset (a) Subject to the limitations specified in subsection (g) of this section, the Commissioner may grant a variance or waiver (innovation waiver or waiver) with respect to the specific requirements of any insurance law, regulation, or bulletin if a person subject to that law, regulation, or bulletin […]
§ 16. Judicial review Any person aggrieved and directly affected by an order of the Commissioner may appeal to the Supreme Court of Vermont, except as otherwise expressly provided in this title or in 9 V.S.A. chapters 131 and 150. The filing of an appeal for review or injunctive relief shall not stay enforcement of […]
§ 17. Liability for acts A person serving in any official capacity under this title, 9 V.S.A. chapter 131 or 150, or 18 V.S.A. chapter 221, including the Commissioner and any officer, employee, or agent of the Department, shall not be liable in any civil action for damages for any act done or omitted in […]
§ 18. Charges for examinations, applications, reviews, and investigations (a) Every person subject to regulation by the Department shall pay the Department the reasonable costs of any examination, review, or investigation that is conducted or caused to be conducted by the Department of such person, or of any application or filing made by such person, […]
§ 19. Fees and departmental expenses (a) The Commissioner shall charge each financial institution or financial institution applicant for Department services rendered. Charges for Department services shall be billed as follows: (1) New financial institution application or new independent trust company application, $5,000.00. (2) Interim reorganization application, $2,000.00. (3) Merger, change in control, or other […]
§ 20. Uniform Commercial Code (a) All commercial transactions of financial institutions doing business in this State shall be governed by and conducted in accordance with Title 9A. (b) In any conflict between the provisions of Title 9A and any other provisions of law, including organizational documents of financial institutions, dealing with the same subject […]
§ 21. Applicability of laws governing business organizations Depending on the permitted type of organizational form, the provisions of Titles 11, 11A, and 11B, relating to corporations, limited liability companies, limited liability partnerships, limited partnerships, partnerships, mutual and cooperative organizations and other organizations, shall apply to business organizations regulated under this title. In the case […]
§ 22. Confidentiality and information sharing agreements (a) Except as expressly provided in subsection (b) of this section, all documents, material, or other information reported to, or developed or maintained by the Commissioner may be used by the Commissioner in the furtherance of legal or regulatory proceedings brought as a part of the Commissioner’s official […]
§ 23. Confidentiality of investigation and examination reports (a) This section shall apply to all persons licensed, authorized, or registered, or required to be licensed, authorized, or registered, under this title. (b) Regardless of source, all records of investigations, including information pertaining to a complaint by or for a consumer, and all records and reports […]
§ 24. Senior investor protection (a) The Commissioner may, in addition to other powers conferred on the Commissioner by law, adopt rules and issue orders necessary to protect senior investors from being misled by false or misleading certifications, licenses, professional designations, or other credentials that imply or indicate a special level of knowledge with regard […]
