The bill H.648 proposes comprehensive amendments to Vermont's banking, insurance, and securities laws, focusing on the licensing and regulation of financial service providers. Key changes include requiring applicants to submit applications under oath or affirmation, shifting terminology from "registration" to "license" for consumer litigation funding companies, and establishing criteria for the approval of applications based on the applicant's financial condition, competence, and character. The bill mandates that the Commissioner must approve or deny requests for changes in control of licensees within 60 days and introduces annual renewal requirements for licenses, with automatic expiration for non-compliance. Additionally, it enhances financial stability requirements for consumer litigation funding companies and clarifies definitions related to credit ratings and virtual currency transactions.

Further amendments address the regulation of money transmission and virtual currency operations, expanding definitions to include "virtual-currency business activity" and establishing responsibilities for licensees operating money transmission kiosks. The bill also modernizes the oversight of lending institutions, emphasizing safe banking practices and introducing stricter regulations on reverse mortgage loans. It clarifies governance for credit unions, allowing for more flexible meeting requirements and expedited mergers. In the insurance and securities sectors, the bill updates filing requirements and modifies criteria for exempt transactions, while also creating the Insurance Regulatory and Supervision Fund to support financial regulation administration. Overall, the legislation aims to enhance consumer protection and regulatory clarity across Vermont's financial landscape.

Statutes affected:
As Introduced: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411
As Passed By the House -- Official: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411
As Passed By the House -- Unofficial: 8-2102, 8-2103, 8-2107, 8-2109, 8-2110, 8-2117, 8-2252, 8-2260, 8-2503, 8-2506, 8-2507, 8-2519, 8-2573, 8-2571, 8-10101, 8-10201, 8-10202, 8-10203, 8-10204, 8-10205, 8-10206, 8-10301, 8-10402, 8-10403, 8-10404, 8-10405, 8-10504, 8-10505, 8-10601, 8-10701, 8-10702, 8-10703, 8-10704, 8-11101, 8-12201, 8-13402, 8-14301, 8-30101, 8-31304, 8-32204, 8-32301, 8-34101, 9-201, 8-3441, 8-3561, 8-3811, 8-4724, 9-5202, 9-5302, 9-5305, 9-5602, 9-5603(b)(2)(C), 9-5603, 9-5603(b), 9-5604(e), 9-5604, 9-5616, 8-19, 9-5411