Vermont § 32704 - Limitation on loans to and investments in a CUSO
Full text of Vermont Vermont Statutes Online § 32704 — Limitation on loans to and investments in a CUSO, with citation guidance and answers to common questions.
§ 32704. Limitation on loans to and investments in a CUSO
- (a) A credit union may invest its funds in or make loans to a CUSO, provided the total
of any such investment in or loan to any one CUSO does not exceed two percent of the
total paid-in and unimpaired capital and surplus and share deposits as of its last
calendar year-end financial report of the credit union without regard to the amount
derived from the profitability of such CUSO. (b) As used in subsection (a) of this section: (1) paid-in and unimpaired capital and surplus means shares plus postclosing, undivided
earnings (this does not include regular reserves or special reserves required by law,
regulation, or special agreement between the credit union and its regulator or share
insurer); and (2) total investments in and total loans to CUSO will be measured consistent with generally
accepted accounting principles. (c) If the Commissioner determines that a credit union’s investments in or loans to any
CUSO exceed the limitations of this section or are otherwise not prudent for the credit
union to maintain, the Commissioner may require the credit union to divest such loans
or investments. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 32704
What does Vermont Statutes Online § 32704 cover?
Section 32704 ("Limitation on loans to and investments in a CUSO") 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 § 32704?
A common citation format is "Vermont Statutes Online § 32704" (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 § 32704 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.