Section 15202 - Establishment of branches in Vermont by financial institutions(a) A state financial institution, foreign bank, or national bank may establish a branch in this State pursuant to this section and in accordance with applicable state and federal financial institution laws.(b) The establishment of a branch in this State under this section shall be accomplished by:(1) a merger, or consolidation with, or the purchase of all or substantially all of the assets of, a financial institution or acquisition of a branch located in this State; or(2) establishment of a branch; provided, however, that the law of the home state of any state financial institution or national financial institution proposing to establish one or more de novo branches in this State must expressly authorize, under conditions no more restrictive than those imposed by the laws of this State as determined by the Commissioner, the financial institution whose home state is this State to engage in interstate branch establishment of de novo branches in that state. A financial institution that is not a Vermont financial institution and is establishing a branch in this State shall file a copy of the branch application, with any amendments to the application, with the Commissioner at the time the application is filed with any supervisory agency.(c) A merger or consolidation pursuant to this section involving a Vermont financial institution shall be in accordance with and subject to the provisions of chapter 207 of this title, except that the application requirement shall be treated as a notice requirement and the Commissioner may file an objection with the applicable supervisory agency with jurisdiction over the transaction if the transaction fails to comply with law. Approval of the Commissioner under chapter 207 of this title shall not be required.(d) Any merger, consolidation, or acquisition pursuant to this section shall be subject to the provisions of section 14108 of this title.(e) A state financial institution that establishes a branch in this State shall comply with the provisions of 11A V.S.A. chapter 15, 11 V.S.A. chapter 21, subchapter 10, except that 11A V.S.A. § 15.06 and 11 V.S.A. § 3136 shall not apply to any financial institution. Notwithstanding section 14103 of this title, a branch in this State of a state financial institution may engage in the activities permitted of a financial institution organized under the laws of this State, and may use the words "bank," "banking association," or "trust company" when engaged in such activities. The organizational name of such financial institution shall not be deceptively similar to any name in use by a person authorized to do business in this State.(f) A branch of a state financial institution located in this State shall comply with the laws of this State, including laws regarding community reinvestment, consumer protection, fair lending, and the establishment of intrastate branches, to the same extent as such laws apply to a branch in this State of a Vermont financial institution. A branch in this State of a state financial institution may conduct any activity that is permissible for a branch in this State of a Vermont financial institution, but may not conduct any activity that is not permissible for a branch in this State of a Vermont financial institution. If Vermont law requires a Vermont financial institution or any branch of such financial institution to obtain the Commissioner's approval to engage in an activity, then a branch of a state financial institution shall obtain the Commissioner's approval in the same manner as a Vermont financial institution.(g) A branch of a national financial institution located in this State shall comply with the laws of this State, including laws regarding community reinvestment, consumer protection, fair lending, and establishment of intrastate branches, to the same extent as such laws apply to a national financial institution whose principal place of business is in this State.(h) A national or state financial institution that maintains a branch in this State pursuant to this section may establish and operate one or more remote service units in this State, without the approval of the Commissioner. Any remote service unit established pursuant to this subsection shall be subject to the provisions of section 10302 of this title. Nothing in this section shall be deemed to authorize any other person or entity to establish or operate any remote service unit in this State that accepts deposits or that transfers funds between accounts.Amended by 2022 , No. 105, § 300, eff. 7/1/2022.Added 1999, No. 153 (Adj. Sess.), § 2, eff. 1/1/2001.