Vermont Statutes Title 8. Banking and Insurance, § 11. Department

(1) Financial institutions, credit unions, licensed lenders, mortgage brokers, insurance companies, insurance agents, broker-dealers, investment advisors, and other similar persons subject to the provisions of this title and 9 V.S.A. chapters 59, 61, and 150.

(2) The administration of health care as provided in 18 V.S.A. chapter 221.

(1) Neither the Commissioner nor any employee of the Department shall, during his or her term of office or while employed by the Department, be an officer, director, organizer, employee of, or attorney for any institution subject to supervision or regulation by the Department.

(2) The Commissioner and employees of the Department shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any institution subject to supervision or regulation by the Department or be engaged in the negotiation of loans for others with any such institution. The prohibitions contained in this subdivision shall not be construed as prohibiting a person from being a depositor, equity interest owner, or member in any financial institution or credit union or an insurance policyholder or equity interest owner on the same terms as are available to the public generally.

(3) If the Commissioner, or any employee of the Department or the spouse of any of them or the son or daughter of any of them residing at their respective homes obtains a loan from or holds an equity interest in any financial institution or credit union subject to supervision or regulation by the Department, the fact of the loan or of the holding, together with the appropriate terms and conditions, shall be disclosed immediately to the Commissioner in writing by the person obtaining the loan or holding.

(4) A record of the indebtedness or holding described in subdivision (3) of this subsection shall be kept on file in the Department and shall be open to inspection by the public.

(5) The Commissioner shall investigate the loan or equity interest to ensure that no preferential treatment has been given the Department employee in the process of granting the loan or issuing the interest and that the loan or interest will not compromise the employee's effectiveness in carrying out his or her departmental duties. Where the loan has been obtained by or where the interest is held by the Commissioner, the investigation shall be conducted by the State Treasurer.