Vermont § 31503 - Allowance for loan and lease loss

Full text of Vermont Vermont Statutes Online § 31503 — Allowance for loan and lease loss, with citation guidance and answers to common questions.

§ 31503. Allowance for loan and lease loss

  • (a) An allowance for loan and lease loss account shall be established and maintained in
    an amount that represents the current estimated loss on loans and leases. The allowance
    for loan and lease loss account requirement shall be computed and adjusted through
    the provision for loan and lease loss expense account prior to the payment of dividends.
    This account shall be calculated in accordance with standards established by the Commissioner,
    as the same may be amended from time to time. (b) Any sums recovered on items previously charged to allowance for loan and lease loss
    account shall be credited to the allowance for loan and lease loss account. (Added 2005, No. 16, § 1, eff. July 1, 2005.)

Source: official Vermont text · Last verified 2026-08-27

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Frequently Asked Questions About Vermont § 31503

What does Vermont Statutes Online § 31503 cover?

Section 31503 ("Allowance for loan and lease loss") 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 § 31503?

A common citation format is "Vermont Statutes Online § 31503" (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 § 31503 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.