Notices for Week of: MAY 17, 2007
PROPOSED STATE RULES
By law, public notice of proposed rules must be given by publication in newspapers of record. The purpose of these notices is to give the public a chance to respond to the proposals. The public notices for administrative rules are now also available online at http://vermont-archives.org/aparules/ovnotices.htm The law requires an agency to hold a public hearing on a proposed rule, if requested to do so in writing by 25 persons or an association having at least 25 members.
To make special arrangements for individuals with disabilities or special needs please call or write the contact person listed below as soon as possible
To obtain further information concerning any scheduled hearing(s), obtain copies of proposed rule(s) or submit comments regarding proposed rule(s), please call or write the contact person listed below. You may also submit comments in writing to the Legislative Committee on Administrative Rules, State House, Montpelier, Vermont 05602 (828-2231).
Regulation B-06-1: Pertaining to State Chartered Credit Unions (Amends and Replaces B-83-1).
Vermont Proposed Rule: 07P029
AGENCY: Dept. of Banking, Insurance, Securities & Health Care Administration
CONCISE SUMMARY: Proposed Regulation B-06-1 updates the existing state chartered credit union regulation (BISHCA Regulation B-83-1). The proposed regulation: (1) establishes minimum surety bond coverage requirements for credit unions; (2) establishes a timeframe for directors to acknowledge a report of examination; (3) provides guidance on real estate loans; (4) clarifies when a loan is considered delinquent; (5) provides rules on the retention of records; (6) provides rules for classification as a community development credit union; and (7) provides rules on fixed assets held by a credit union. Proposed Regulation B-06-1 also deletes a number of rules currently contained in Regulation B-83-1 that are outdated or are covered elsewhere in statute or regulation.
TYPE OF PERSONS AFFECTED: State Chartered Credit Unions, Credit Union members, and the Department of Banking, Insurance, Securities and Health Care Administration.
COST BENEFIT ANALYSIS: This rule modifies the minimum bond requirements for credit unions, which may reduce the amount some credit unions pay for their bond coverage. Additionally, these updated rules may enable some credit unions to operate more efficiently. Otherwise, there should be no economic impact.
SCHEDULED HEARINGS: June 12, 2007 at 10:00 a.m. at the Department of Banking, Insurance, Securities and Health Care Administration, 89 Main Street, 2nd floor conference room, Montpelier, Vermont.
DEADLINE FOR PUBLIC COMMENT: June 20, 2007.
FOR FURTHER INFORMATION, CONTACT: Steven Knudson Department of Banking, Insurance, Securities and Health Care Administration 89 Main Street, Drawer 20 Montpelier, VT 05602-3101 802-828-3307.
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- If you have general questions about the rulemaking process, please contact
- Louise Corliss by e-mail at or by phone 802-828-2863
