A SUGGESTION: You may find it useful to read the following material in the order presented. It will be easier to understand some concepts referred to in later sections. (Currency of information: The Tax Questions portion of this publication was updated June 2004. All other material, written in January 2001, is presently under review and expected to be updated soon.)
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This rule governs the treatment of nonpublic personal information about consumers by financial institutions. This rule: (1) Requires a financial institution to provide notice to individuals about its privacy policies and practices; (2) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to non-affiliated third parties; (3) Requires financial institutions to obtain consumer consent prior to disclosing that information, subject to the exceptions in this regulation and 8 V.S.A. § 10204 and subject to the federal Fair Credit
Reporting Act and the Vermont Fair Credit Reporting Act; and (4) Provides an exemption for information about business customers.
This Regulation establishes procedures for the conversion of a federal credit union to a Vermont state chartered credit union. Compliance with these regulations is in addition to any other state or federal laws and regulations that may be applicable to the proposed transaction, including state corporate laws and state and federal securities laws.
This Regulation specifies the form, content, and timing of disclosures required by Title 9 V.S.A. §104 (the "Disclosure") for every loan secured by a first lien on residential real estate in which the borrower is expected to be charged in excess of four points or an interest rate in excess of three percent over the rate established pursuant to Title 32 V.S.A. § 3108, or both, on the loan. The Disclosure must be printed on a single sheet of colored paper that is easily distinguished from all other documents.