{"data":{"id":"us-vt/8-v.s.a.-30702","jurisdiction":"us-vt","citation":"8 V.S.A. § 30702","heading":"Power of Commissioner to impose corrective action","body":"(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:\n(1) maintain its accounts in accordance with such rules as the Commissioner may prescribe having regard to the size of the organization;\n(2) observe methods and standards that the Commissioner may prescribe for determining the value of various types of assets;\n(3) charge off or sell the whole or part of an asset that was acquired in violation of:\n(A) the credit union’s investment policy;\n(B) the credit union’s loan policy; or\n(C) an order of the Commissioner;\n(4) write down an asset to its market value;\n(5) record liens and other interests in property;\n(6) obtain a financial statement from a borrower to the extent that the credit union can do so;\n(7) obtain insurance against damage to real estate taken as security;\n(8) search, or obtain insurance of, the title to real estate taken as security;\n(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\n(10) maintain such additional policies and procedures as the Commissioner may require.\n(b) Any order of the Commissioner issued under this section shall be subject to subsection 30701(c) of this title.","path":["Title 8: Banking and Insurance","Chapter 220: Supervision and Regulation","Subchapter 007: ENFORCEMENT"],"source_url":"https://legislature.vermont.gov/statutes/section/08/220/30702","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T14:08:51Z","sha256":"e0be1ab79f4092a9046c6cdfe6fc0f6ad81825b8c779a67ae5c3a7dee7381690","source_id":"us-vt","stale":false,"prev":"us-vt/8-v.s.a.-30701","next":"us-vt/8-v.s.a.-30703"},"notice":"GroundRules: Original legal text. Not legal advice."}