§ 15101 — Establishment of Vermont branches

A Vermont financial institution shall not establish or maintain any branch in this State for the general transaction of its business without the approval of the Commissioner. The Commissioner shall approve the application for a branch under this section if the Commissioner finds that, based on an application filed under subsection 11701(b) of this title, the application meets the general good of the State as determined under section 11703 of this title. A Vermont financial institution may establish and maintain offices or facilities that do not constitute a branch, without the approval of the Commissioner; provided, however, that establishment of a remote service unit by a Vermont financial institution shall be subject to payment of the fee provided in subdivision 19(a)(6) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)