Vt. Stat. Ann. tit. 8, § 32703
Records, reports, and examination
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) A CUSO shall: account for all transactions in accordance with generally accepted accounting principles;
(1) A CUSO shall: account for all transactions in accordance with generally accepted accounting principles;
(2) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards;
(2) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards;
(3) preserve all of its books and records in accordance with regulations adopted by the Commissioner applicable to credit unions;
(3) preserve all of its books and records in accordance with regulations adopted by the Commissioner applicable to credit unions;
(4) provide the Commissioner with complete access to its books, records, and internal controls for review, evaluation, and examination;
(4) provide the Commissioner with complete access to its books, records, and internal controls for review, evaluation, and examination;
(5) provide such additional audits and reports as requested by the Commissioner; and
(5) provide such additional audits and reports as requested by the Commissioner; and
(6) pay the actual cost of any review, evaluation, or examination conducted by the Commissioner.
(6) pay the actual cost of any review, evaluation, or examination conducted by the Commissioner.
(7) As frequently as the Commissioner deems appropriate or necessary, the Commissioner may conduct an examination of the records and books of a CUSO in which a credit union has invested or to which it has lent funds or which was organized by a credit union. Added 2005, No. 16, § 1, eff. July 1, 2005.
(7) As frequently as the Commissioner deems appropriate or necessary, the Commissioner may conduct an examination of the records and books of a CUSO in which a credit union has invested or to which it has lent funds or which was organized by a credit union.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.