§ 12601 - Certain special purpose financial institutions authorized - Vermont Statutes

§ 12601. Certain special purpose financial institutions authorized

(a) In addition to universal financial institutions authorized under subchapters 1-5 of this chapter and under chapter 203 of this title, special purpose financial institutions may be established in this state, subject to the conditions and limitations imposed under this subchapter.

(b) Any person who, directly or indirectly, controls a special purpose financial institution established under this subchapter shall be subject to the supervision of the commissioner, unless that person is a bank holding company regulated by the Federal Reserve Board or savings and loan holding company regulated by the director of the Office of Thrift Supervision. In exercising the supervisory powers under this subchapter, the commissioner may require such examination and reports, including copies of reports filed with federal regulatory agencies, of the special purpose financial institution and any person that controls it as the commissioner deems necessary to protect the interests of depositors, borrowers or other parties in interest.

(c) Any material change in a business plan by a special purpose financial institution authorized to do business under this subchapter shall be submitted to the commissioner for prior approval, unless the provisions of this title require the financial institution to file an application with the commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)