Vermont § 15204 - Other activities

§ 15204. Other activities

• (a) Subject to subsection (b) of this section, a financial institution having its principal
  office in a jurisdiction other than Vermont may maintain or conduct the following
  offices or activities in this State: (1) a temporary agency; (2) an office used solely for internal operations of the institution to which the public
  is not admitted for the conduct of financial institution business; (3) an automated teller machine owned by other than a Vermont financial institution; provided,
  however, that it does not accept deposits or transfer funds between accounts; (4) loan production; (5) foreign exchange services; or (6) any other financial institution related office or activity that the Commissioner determines
  may be maintained or conducted in this State. (b) A financial institution shall obtain the Commissioner’s written approval prior to
  maintaining any office or conducting any activity described in subsection (a) of this
  section. The Commissioner may condition approval on the existing availability of the
  activity in the State. (c) Nothing in this section shall be deemed to permit a financial institution to solicit
  or accept deposits, pay checks, or loan money within this State, unless it is otherwise
  authorized to engage in such activity in this State. (d) Notwithstanding section 14103 of this title, a financial institution authorized to engage in the activities permitted under this
  section may use the words “bank,” “banking association,” “national association,” “financial
  institution,” or “trust company” when engaged in the activities permitted under this
  section. A financial institution that is authorized to engage in loan production in
  this State, but not authorized to approve loans in this State, shall disclose in any
  printed material and advertising that it is engaged in loan production. The organizational
  name of such financial institution shall not be deceptively similar to any name in
  use by an authorized financial institution doing business in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 5, eff. Feb. 2, 2002.)