§ 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 […]
§ 32702. Expansion of services
§ 32702. Expansion of services A CUSO shall not expand its services without the prior written approval of the Commissioner. A CUSO shall file a written notice with the Commissioner setting forth its intention to expand its services, a description of the proposed expanded services, an explanation of how the proposed expansion is related to […]
§ 32703. Records, reports, and examination
§ 32703. Records, reports, and examination (a) A CUSO shall: (1) account for all transactions in accordance with generally accepted accounting principles; (2) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards; (3) preserve all of its […]
§ 32704. Limitation on loans to and investments in a CUSO
§ 32704. Limitation on loans to and investments in a CUSO (a) A credit union may invest its funds in or make loans to a CUSO, provided the total of any such investment in or loan to any one CUSO does not exceed two percent of the total paid-in and unimpaired capital and surplus and […]
§ 32705. Investing in, lending to, or joining an existing CUSO
§ 32705. Investing in, lending to, or joining an existing CUSO (a) Subject to the limitations of section 32704 of this title, a credit union may invest its funds in, join, or lend to an existing CUSO. The credit union shall file with the Commissioner prior written notice of its intention to make such investment […]
§ 32706. Customer base
§ 32706. Customer base A credit union may organize, invest in, or lend to a CUSO only if the credit union service organization primarily serves credit unions, its membership, or the membership of credit unions contracting with the CUSO. (Added 2005, No. 16, § 1, eff. July 1, 2005.)