ACT NO. 16
Banking and insurance; credit unions
This act updates and recodifies the statutes regulating Vermont state-chartered credit unions. The former statutes were adopted in 1967, and since then there have been significant changes in the law regulating federally chartered credit unions providing those institutions with several advantages. This act authorizes state credit unions to exercise any of the powers or engage in any of the activities that a federal credit union is authorized to exercise or engage in. Included in the changes for Vermont credit unions are an ability to expand the field of membership, to offer business construction and development loans, and to establish credit union service organizations (CUSOs). Credit unions will continue to be tax exempt to the extent they were under the previous statutes.
Effective Date: July 1, 2005
The Vermont General Assembly
115 State Street