Sections
Subchapter 1 General Powers 14101 – 14110
Subchapter 2 Deposits in General 14201 – 14212
Subchapter 3 Loans 14301 – 14304
Subchapter 4 Trust Powers 14401 – 14410
Subchapter 5 Safe Deposit Boxes 14501

Terms Used In Vermont Statutes > Title 8 > Chapter 204 - Powers of Financial Institutions

  • Account verification service: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of:

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. See
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney: means the attorney-in-fact of a reciprocal insurer. See
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • bargaining collectively: means the process of negotiating terms, tenure, or conditions of employment between the State of Vermont, the Vermont State Colleges, the University of Vermont, or the Department of State's Attorneys and Sheriffs and representatives of employees with the intent to arrive at an agreement that, when reached, shall be reduced to writing. See
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See
  • Board: means the State Labor Relations Board established under section 921 of this title. See
  • Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
  • Cancellation fee waiver: means a contractual agreement between a supplier of travel services and its customer to waive some or all of the nonrefundable cancellation fee provisions of the supplier's underlying travel contract with or without regard to the reason for the cancellation or form of reimbursement. See
  • Closed block: means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
  • Collective bargaining service fee: means a fee deducted by an employer from the salary or wages of an employee who is not a member of an employee organization, which is paid to the employee organization that is the exclusive bargaining agent for the bargaining unit of the employee. See
  • Collective bargaining service fee: means a fee deducted by an employer from the salary or wages of an employee who is not a member of an employee organization, and that fee is paid to the employee organization that is the exclusive bargaining agent for the bargaining unit of the employee. See
  • Collective bargaining unit: means the employees of an employer and may be either all the employees or a unit or units determined by the Board to be appropriate to represent the interests of employees. See
  • Comment period: means the 60-day period starting on the date notice is issued by an assuming company under subsection 7112(h) of this chapter. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Commissioner: means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Confidential employee: means an employee, as determined by the Board, who has responsibility, knowledge, or access to information relating to collective bargaining, personnel administration, or budgetary matters that is incompatible with that employee's membership in or representation by an employee organization. See
  • Controlling party: means a person having control of an assuming company or transferring insurer. See
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit reporting agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of reporting to third parties on the credit rating or creditworthiness of any consumer. See
  • Creditor: is a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. See
  • Customer: means , for purposes of this subchapter, any person who deposits, borrows, or invests with a financial institution, including a surety or a guarantor on a loan. See
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Department of Financial Regulation. See
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
  • Domicile regulator: means the primary insurance regulatory authority of the domicile jurisdiction of a transferring insurer. See
  • Domiciliary state: means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry. See
  • Eligible group: means two or more persons who are engaged in a common enterprise, or have an economic, educational, or social affinity or relationship, including any of the following:

  • Employee: means a State employee as defined by subdivision (5) of this section except as the context requires otherwise. See
  • Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
  • Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
  • Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
  • Employer: means the State of Vermont, excluding the Legislative and Judiciary Departments, represented by the Governor or designee, the Office of the Defender General represented by the Defender General or designee, Vermont State Colleges represented by the Chancellor or designee, and the University of Vermont represented by the President or designee. See
  • Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
  • Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Financial information: means an original or copy of, or information derived from:

  • Financial institution: means a financial institution as defined in subdivision 11101(32) of this title, and a credit union, financial institution subsidiary, licensed lender, mortgage broker, or sales finance company organized or regulated under the laws of this State, the United States, or any other state or territory. See
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign country: means any other jurisdiction not in any state. See
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
  • general assets: include all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. See
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grievance: means an employee's, group of employees', or the employee's collective bargaining representative's expressed dissatisfaction, presented in writing, with aspects of employment or working conditions under a collective bargaining agreement or the discriminatory application of a rule or regulation, that has not been resolved to a satisfactory result through informal discussion with immediate supervisors. See
  • Grievance: means a written notice from an employee or a group of employees covered by an agreement or the employee's representative about dissatisfaction with any aspect of employment or working conditions covered by a collective bargaining agreement or about the discriminatory application of a rule or regulation, and the dissatisfaction has not been satisfactorily resolved after informal discussion with immediate supervisors. See
  • Group travel insurance: means travel insurance issued to any eligible group. See
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insolvent: means :

  • insurance contract: means any contract of insurance, indemnity, medical, dental, optometric, or hospital service, suretyship, or annuity issued, proposed for issuance, or intended for issuance by any person. See
  • Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter. See
  • Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. See
  • Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. See
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Inward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsurer. See
  • Inward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an inward reinsurance agreement as the reinsured. See
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
  • Labor dispute: means any controversy concerning terms, tenure, or conditions of employment, or concerning the association or representation of individuals in negotiating, fixing, maintaining, changing, or seeking to arrange terms or conditions of employment, regardless of whether the disputants are employer and employee. See
  • Law clerk: Assist judges with research and drafting of opinions.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legacy: A gift of property made by will.
  • Legacy insurance transfer: means the transfer of a closed block in accordance with the requirements of this chapter. See
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means an insurance premium finance company holding a license issued under section 7002 of this title. See
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Limited lines travel insurance producer: means a:

  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Magistrate: shall mean any Supreme Court Justice, Superior judge, District judge, or Probate judge. See
  • Managing general agent: means any person who:

  • Mercantile agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating business credit information or other information on businesses for the purpose of reporting to third parties on the credit rating or creditworthiness of any business. See
  • Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
  • Non-admitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance. See
  • Non-admitted insurer: means , with respect to a state, an insurer not licensed to engage in the business of insurance in such state. See
  • Oath: shall include affirmation where by law an affirmation may be substituted. See
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Offer and disseminate: means to provide general information, including a description of the coverage and price, as well as to process the application and collect premiums. See
  • Outward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsured. See
  • Outward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an outward reinsurance agreement as the reinsurer. See
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Party: means :

  • Person: means any individual, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, appraisers, and adjusters. See
  • Person: means an individual, the State of Vermont, an employee organization, partnership, corporation, a legal representative, trustee, or any other natural or legal entity whatsoever. See
  • Person: means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized. See
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
  • Plan summary: means a written statement of the key terms and provisions of a plan as required under subdivision 7112(b)(19) of this chapter. See
  • Policy: means a contract of property and casualty insurance that is neither a contract of reinsurance nor a contract of workers' compensation, health, life, or any other personal line of insurance. See
  • Policyholder: means the person identified as the policyholder or first named in a policy. See
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Primary certificate holder: means an individual person who elects and purchases travel insurance under a group policy. See
  • Primary policyholder: means an individual person who elects and purchases individual travel insurance. See
  • Probate: Proving a will
  • real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See
  • Reciprocal state: means any state other than this State in which in substance and effect subsection 7057(a) and sections 7093, 7094, and 7096 through 7098 of this title are in force, and in which provisions are in force requiring that the commissioner or equivalent official be the receiver of a delinquent insurer, and in which some provision exists for the avoidance of fraudulent conveyances and preferential transfers. See
  • Reinsurance agreement: means an inward reinsurance agreement or an outward reinsurance agreement. See
  • Reinsurance agreement counterparty: means an inward reinsurance agreement counterparty or an outward reinsurance counterparty. See
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
  • Representatives: includes any individual or individuals certified by the Board to represent employees or employee organizations in collective bargaining or grievance proceedings. See
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Risk retention group: means a company referred to in section 6070 of this title domiciled in this State. See
  • said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
  • seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
  • Secured claim: means any claim secured by mortgage, trust, deed, pledge, deposit as security, escrow, or otherwise, but not including special deposit claims or claims against general assets. See
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
  • State: means any state, district, or territory of the United States and the Panama Canal Zone. See
  • State: means any state of the United States or the District of Columbia. See
  • Statute: A law passed by a legislature.
  • Strike: means any concerted work stoppage by employees, including concerted slowdowns, interference, or interruption of operations or services. See
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • sworn: shall include affirmed. See
  • Testify: Answer questions in court.
  • Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
  • Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See
  • Transferring insurer: means a non-admitted insurer that is transferring a closed block to an assuming company under a legacy insurance transfer plan. See
  • Travel administrator: means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on residents of this State, in connection with travel insurance, except that a person shall not be considered a travel administrator if that person's only actions that would otherwise cause it to be considered a travel administrator are among the following:

  • Travel assistance services: means noninsurance services for which the consumer is not indemnified based on a fortuitous event and where providing the service does not result in transfer or shifting of risk that would constitute the business of insurance. See
  • Travel insurance: means insurance coverage for personal risks incident to planned travel, including:

  • Travel protection plan: means a plan that provides one or more of the following: travel insurance, travel assistance services, or cancellation fee waivers. See
  • Travel retailer: means a business entity that makes, arranges, or offers travel services and may offer and disseminate travel insurance as a service to its customers on behalf of and under the direction of a limited lines travel insurance producer. See
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Underwrite: means the authority to accept or reject risk on behalf of the risk retention group. See
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC