§ 33102. In-State and out-of-State offices

(a) A Vermont credit union shall not establish an office in this State or outside this State without the prior approval of the Commissioner in accordance with subsection 30801(b) of this title.

(b) Prior to approving the credit union’s application to establish an office in this State or outside this State, the Commissioner must find that:

(1) establishment of the proposed office is consistent with the safety and soundness of the credit union;

(2) establishment of the proposed office is consistent with the credit union’s field of membership;

(3) the credit union has a record of compliance with the requirements of applicable State and federal law; and

(4) in the case of an out-of-State office, the laws of such other state authorize the establishment of such office. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 339, eff. July 1, 2022.)