§ 15203.
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/vt/title-8/chapter-205/15203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 15203. Foreign branches
(a)A foreign bank not licensed by federal authorities to establish a federal branch in this State may transact business in this State only at a branch that is licensed by the Commissioner. The Commissioner may, upon receipt of an application of the foreign bank to establish a branch, issue a license to a foreign bank to conduct such business in compliance with the laws of this State if the Commissioner finds that:
(1)the foreign bank and its management are of good character and sound financial standing;
(2)the management of the foreign bank and proposed management of the branch are adequate;
(3)the convenience and needs of the persons to be served by the proposed branch will be promoted; and
(4)the foreign bank satisfies such other standards as the Commissioner may establish.
(b)The application required under this section shall be on a form approved by the Commissioner and shall contain a copy of all applicable federal approvals. Except as otherwise provided in this section, subsections 15202(b) and
(d)of this title, the license, application, and operations of a branch licensed under this section shall be subject to the requirements imposed on the establishment and operation of branches of financial institutions organized under the laws of this State. Except as otherwise provided in federal law, this title or by rule or order of the Commissioner, the operations of a foreign bank at a branch in this State shall be conducted with the same rights, privileges, and powers as a financial institution incorporated under the laws of this State at the same location and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of the state to a financial institution incorporated under the laws of this State. The Commissioner may impose conditions or restrictions on the operations of a branch of a foreign bank in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)