§ 32708. Prohibited activities
§ 32708. Prohibited activities A CUSO shall not acquire control of, either directly or indirectly, another depository financial institution, nor invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or similar organization, corporation, or association. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 32709. Separate entities
§ 32709. Separate entities (a) A credit union and a CUSO shall be operated in a manner that demonstrates to the public the separate existence of the credit union and the CUSO. (b) At the request of the Commissioner, the credit union shall provide to the Commissioner a written legal opinion of counsel as to […]
§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO
§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO A CUSO shall be subject to chapter 226 of this title governing suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO. (Added 2005, No. 16, § 1, eff. […]
§ 32711. Rules and regulations
§ 32711. Rules and regulations The Commissioner may adopt such additional rules governing CUSOs as the Commissioner deems appropriate. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 338, eff. July 1, 2022.)
§ 32707. Bond
§ 32707. Bond Each credit union service organization and each of its directors, officers, managers, general partners, employees, and authorized agent of a CUSO who has charge or possession of the funds, securities, or other assets of such CUSO shall be bonded by a surety company authorized to do business in this State. Such bond […]
§ 32401. Authority
§ 32401. Authority No credit union shall make member business loans unless it has complied with the provisions of this subchapter and such rules adopted by the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 32402. Commissioner approval
§ 32402. Commissioner approval A credit union shall obtain the written approval of the Commissioner prior to engaging in the business of making member business loans. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 32501. Participation loans
§ 32501. Participation loans (a) Subject to the provisions of this section, a credit union may participate in loans to credit union members jointly with other state or federally chartered credit unions, credit union organizations, or other federally insured financial institutions pursuant to written policies established by the credit union’s governing body. As used in […]
§ 32601. Failure to pay rent; removal of contents
§ 32601. Failure to pay rent; removal of contents The provisions of section 14501 of this title governing safe deposit boxes shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 32701. Organization of a credit union service organization
§ 32701. Organization of a credit union service organization (a) With the approval of the Commissioner, a credit union may establish a credit union service organization (CUSO) by itself or jointly with one or more other Vermont credit unions, federal credit unions, state-chartered credit unions, or other federally insured depository institutions within or outside this […]