§ 11204 - Closing for cause - Vermont Statutes

§ 11204. Closing for cause

A Vermont or state depository institution may temporarily close any of its offices for reasons that include but are not limited to good cause, extreme weather conditions and community events. If a Vermont or state depository institution temporarily closes any of its offices for all or any part of a banking day, the institution shall post a conspicuous notice of the closing at all points of public access to the closed offices. A closing may not become effective until such notice is posted at the office to be closed. Posting this notice relieves the institution from liability for failure to perform any of the business of the financial institution at the closed offices. The commissioner may, by adopting rules, establish standards governing the form and content of the notice required under this section, and may require dissemination of the notice of closing by any other reasonable means. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)