View the complete text of Act 23

ACT NO. 23

Regulation of Financial Institutions

This act revises the fees and charges imposed by the Department of Banking, Insurance, Securities and Health Care Administration in connection with its regulation of state-chartered banks, savings and loan institutions, credit unions, and other regulated financial institutions. The act also makes several technical amendments to the banking statutes relating to licenced lenders, advertising, banks, and trust companies.

Effective Date: The regulatory sections of the act (Secs. 7, 8, 9, 10, and 11) take effect on passage (May 8, 1997). Sec. 12 relating to permitted charges for licensed lenders takes effect andapplies retroactively to January 1, 1997. The remaining fees and charges sections of the act (Sec. 1 through 6) take effect on July 1, 1997, except that the assessment imposed by 8 V.S.A. 504(e) (pro rata assessment for financial institutions converting or relinquishing its state charter) takes effect July 1, 1996.