Application Process

V.S.A. tit. 8, ch. 220, subch. 8

in effect

8 V.S.A. § 30801 Application of subchapter

30801. Application of subchapter (a) An application required to be filed under chapter 221, 224, or 225 of this title for the approval of the Commissioner, including an application for a charter, merger, acquisition, conversion, change in bylaws, change in organizational documents, or other similar request, shall be submitted to and considered by the Commissioner in accordance with the provisions of this subchapter. (b) An application required to be filed under chapter 222 or 223 of this title for the approval of the Commissioner shall be filed on a form prescribed by the Commissioner and considered in accordance with the standards in section 30803 of this title. If the Commissioner finds that the application promotes the general good, a certificate of approval may be issued in summary fashion. No further approval shall be required. (c) Nothing in this subchapter shall prevent the Commissioner from issuing a certificate of approval for any application that the Commissioner finds may be approved as filed without further process. Added 2005, No. 16, § 1, eff. July 1, 2005.

8 V.S.A. § 30802 Applications

30802. Applications (a) Upon receipt of an application subject to this section in the form prescribed by the Commissioner, the Commissioner shall determine whether the application is complete. The Commissioner shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness. (b) As soon as the application is deemed substantially complete, the Commissioner may order the applicant to provide notice of the application in the manner and form as he or she may prescribe. (c) Any person may submit written comments on the proposed application to the Commissioner. If the Commissioner orders publication or other notice to be given, he or she shall establish a deadline for receipt of written comments on the application that shall be no less than five business days following the completion of publication or other notice. The Commissioner may, but shall not be compelled to, consider written comments filed after the close of the written comment period. All comments shall be maintained in the public files of the department. (d) Applications accepted by the Commissioner shall be placed on public file at the office of the department and shall be made available for public inspection or copying, at cost; provided that any information that is exempt from public inspection under 1 V.S.A. chapter 5 shall be removed before public inspection of the file is permitted. Added 2005, No. 16, § 1, eff. July 1, 2005.

8 V.S.A. § 30803 Hearings on applications; decisions; general good standard

30803. Hearings on applications; decisions; general good standard (a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion. (b) After consideration of all relevant matters presented in the application, in any written comments, in any department investigation, and at any hearing, the Commissioner shall issue a decision approving or disapproving the application. (c) If the Commissioner’s decision is favorable, a certificate of approval shall issue with the decision. If the Commissioner’s decision is not favorable, the Commissioner shall provide the reasons for the disapproval. (d) No credit union shall commence operations; open an office; or effectuate a merger, acquisition, conversion, reorganization, or dissolution; amend its bylaws or organizational documents; or take any other similar action without first securing a certificate of approval. (e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont. (f) In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors: (1) the character, ability, and overall sufficiency of the management, including directors or organizers of the credit union; (2) the adequacy of capital and financial resources of the credit union; (3) the competitive abilities and future prospects of the credit union; (4) the convenience and needs of the market area or areas to be served; (5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served; (6) the effect on the applicant’s members; (7) if an existing credit union, whether the proposed transaction contributes to the financial strength and success of the credit union; (8) the fairness and equities involved in any conversion, merger, or acquisition; (9) whether the credit union’s proposal conforms to Vermont law; and (10) such other aspects of the proposed transaction as the Commissioner deems advisable. Added 2005, No. 16, § 1, eff. July 1, 2005.

8 V.S.A. § 30804 Notification of approval or denial of application

30804. Notification of approval or denial of application (a) Within 60 days after the filing of a completed application, the conclusion of any public hearing, and the conclusion of any public comment period, the Commissioner shall notify the applicant of the approval or denial of the application. (b) The Commissioner may extend the period to notify the applicant of the approval or denial of the application for an additional 30-day period by providing notice to the applicant within the time period specified in subsection (a) of this section that the Commissioner intends to extend the time period. Added 2005, No. 16, § 1, eff. July 1, 2005.

8 V.S.A. § 30805 Review of denial of application

30805. Review of denial of application (a) If the application is denied, the applicant may request that the Commissioner reconsider the application by making such request in writing, within 15 days of the denial, responding specifically to the Commissioner’s stated reason or reasons for denial. The Commissioner shall reconsider the application in light of the response stated in the applicant’s request for reconsideration. (b) The Commissioner shall notify the applicant of the approval or denial of the applicant’s request for review of denial within 60 days of the filing of the request. (c) The applicant may request review by the Superior Court in Washington County upon action brought in the usual form by an aggrieved party within 15 days after written notice of the denial of the request for reconsideration. Added 2005, No. 16, § 1.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/08/220Fetched: 10/21/2026