§ 14208. Security for deposits
§ 14208. Security for deposits No Vermont or state financial institution may pledge, hypothecate, or deliver any of its assets of any description whatsoever as security for a deposit of private funds, or for the purpose of indemnifying any person, as surety for the financial institution, or as surety for any other person. However, a […]
§ 14209. Examination of accounts
§ 14209. Examination of accounts Each Vermont financial institution shall annually cause a sampling of its loans and deposit accounts to be verified by the account holder. The verification shall be under the direction of an outside auditor or the internal auditor of the Vermont financial institution. The auditor shall report the results directly to […]
§ 14210. Real estate trust and escrow
§ 14210. Real estate trust and escrow (a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 V.S.A. […]
§ 14211. Claims not clearly consistent
§ 14211. Claims not clearly consistent If any claim not clearly consistent with the terms of any applicable authority on file with a financial institution is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the financial institution’s possession or control, in whole or in part, by […]
§ 14212. Joint fiduciary accounts
§ 14212. Joint fiduciary accounts (a) Statement of purpose. The purpose of this section is to create a new form of joint financial account for which the account owner designates a fiduciary with authority to use monies in the account for the benefit and under the direction of the account owner, and to enable the […]
§ 14301. Loan authority
§ 14301. Loan authority (a) General loan authority. Unless otherwise prohibited by State law, a Vermont financial institution may make, sell, purchase, arrange, participate in, invest in, or otherwise deal in loans, derivative transactions, or extensions of credit for any lawful purpose. (b) Written loan policy. (1) A financial institution’s governing body shall establish a […]
§ 14302. Real estate loans
§ 14302. Real estate loans (a) Clear title. All loans secured by mortgages on real estate shall be supported by written evidence satisfactory to the financial institution that title to the security is marketable and the lien is valid and enforceable. A mortgage on lands subject to lease under which rents are reserved to the […]
§ 14303. Bank credit cards
§ 14303. Bank credit cards (a) General authority. Any financial institution which is authorized to do a lending business in this State may issue bank credit cards. (b) No discrimination. No financial institution shall discriminate against any applicant for a bank credit card on the bases set forth in section 10403 of this title. Nothing […]
§ 14304. Card holder represented by legal counsel
§ 14304. Card holder represented by legal counsel (a) A credit card company or its creditor or collection agency shall not contact a card holder regarding a debt, late fee, or other charge once informed that the card holder is disputing the debt, late fee, or other charge; is represented by legal counsel in the […]
§ 14401. Types of trust functions
§ 14401. Types of trust functions (a) With the prior approval of its governing board, a financial institution may act alone or with others as: (1) fiduciary; (2) custodian of property; (3) agent or attorney in fact; (4) registrar or transfer agent of securities; (5) trustees under corporate mortgages, trust deeds or similar indentures; or […]