§ 30702.
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§ 30702. Power of Commissioner to impose corrective action
(a)The Commissioner may, in addition to any other powers exercisable by the Commissioner under the provisions of this title, require a Vermont credit union or state credit union with an office in this State to:
(1)maintain its accounts in accordance with such rules as the Commissioner may prescribe having regard to the size of the organization;
(2)observe methods and standards that the Commissioner may prescribe for determining the value of various types of assets;
(3)charge off or sell the whole or part of an asset that was acquired in violation of:
(A)the credit union’s investment policy;
(B)the credit union’s loan policy; or
(C)an order of the Commissioner;
(4)write down an asset to its market value;
(5)record liens and other interests in property;
(6)obtain a financial statement from a borrower to the extent that the credit union can do so;
(7)obtain insurance against damage to real estate taken as security;
(8)search, or obtain insurance of, the title to real estate taken as security;
(9)maintain adequate insurance against such other risks as the Commissioner may deem necessary and appropriate for the protection of members and the public; and
(10)maintain such additional policies and procedures as the Commissioner may require.
(b)Any order of the Commissioner issued under this section shall be subject to subsection 30701(c) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 321, eff. July 1, 2022.)