Vermont § 15203 - Foreign branches
Full text of Vermont Vermont Statutes Online § 15203 — Foreign branches, with citation guidance and answers to common questions.
§ 15203. Foreign branches
- (a) A foreign bank not licensed by federal authorities to establish a federal branch in
this State may transact business in this State only at a branch that is licensed by
the Commissioner. The Commissioner may, upon receipt of an application of the foreign
bank to establish a branch, issue a license to a foreign bank to conduct such business
in compliance with the laws of this State if the Commissioner finds that: (1) the foreign bank and its management are of good character and sound financial standing; (2) the management of the foreign bank and proposed management of the branch are adequate; (3) the convenience and needs of the persons to be served by the proposed branch will
be promoted; and (4) the foreign bank satisfies such other standards as the Commissioner may establish. (b) The application required under this section shall be on a form approved by the Commissioner
and shall contain a copy of all applicable federal approvals. Except as otherwise
provided in this section, subsections 15202(b) and (d) of this title, the license,
application, and operations of a branch licensed under this section shall be subject
to the requirements imposed on the establishment and operation of branches of financial
institutions organized under the laws of this State. Except as otherwise provided
in federal law, this title or by rule or order of the Commissioner, the operations
of a foreign bank at a branch in this State shall be conducted with the same rights,
privileges, and powers as a financial institution incorporated under the laws of this
State at the same location and shall be subject to all the same duties, restrictions,
penalties, liabilities, conditions, and limitations that would apply under the laws
of the state to a financial institution incorporated under the laws of this State.
The Commissioner may impose conditions or restrictions on the operations of a branch
of a foreign bank in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Frequently Asked Questions About Vermont § 15203
What does Vermont Statutes Online § 15203 cover?
Section 15203 ("Foreign branches") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 15203?
A common citation format is "Vermont Statutes Online § 15203" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 15203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.