§ 15205. Out-of-state activities by Vermont financial institutions

(a) Subject to subsection (b) of this section, a Vermont financial institution may maintain or conduct the following offices or activities in another 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 a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts;

(4) loan production;

(5) foreign exchange services;

(6) trust activities; or

(7) any other financial institution-related activity that the host state determines may be maintained or conducted in such state.

(b) The Vermont financial institution shall provide the Commissioner with written evidence that the host state approved, did not object to, or otherwise allows the Vermont financial institution to maintain the office or conduct in the host state the activity described in subsection (a) of this section. In order to engage in trust activities in the host state, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title.

(c) Nothing in this section shall be deemed to permit a Vermont financial institution to solicit or accept deposits, pay checks, or lend money within the host state, unless it is otherwise authorized to engage in such activity in the host state. (Added 2005, No. 36, § 6, eff. June 1, 2005.)