| 1 | 1 | | BILL AS INTRODUCED H.124 |
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| 2 | 2 | | 2025 Page 1 of 3 |
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| 4 | 4 | | |
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| 5 | 5 | | VT LEG #380223 v.1 |
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| 6 | 6 | | H.124 1 |
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| 7 | 7 | | Introduced by Representatives Priestley of Bradford, Bosch of Clarendon, 2 |
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| 8 | 8 | | Boutin of Barre City, Carris-Duncan of Whitingham, Cooper of 3 |
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| 9 | 9 | | Pownal, Duke of Burlington, Graning of Jericho, Marcotte of 4 |
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| 10 | 10 | | Coventry, Micklus of Milton, Olson of Starksboro, and White 5 |
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| 11 | 11 | | of Bethel 6 |
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| 12 | 12 | | Referred to Committee on 7 |
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| 13 | 13 | | Date: 8 |
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| 14 | 14 | | Subject: Banking; insurance; securities; regulatory oversight; annual report 9 |
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| 15 | 15 | | Statement of purpose of bill as introduced: This bill proposes to require the 10 |
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| 16 | 16 | | Commissioner of Financial Regulation to submit an annual supervision and 11 |
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| 17 | 17 | | regulation report to the General Assembly. 12 |
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| 18 | 18 | | An act relating to the Commissioner of Financial Regulation and an annual 13 |
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| 19 | 19 | | supervision and regulation report 14 |
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| 20 | 20 | | It is hereby enacted by the General Assembly of the State of Vermont: 15 |
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| 21 | 21 | | Sec. 1. 8 V.S.A. § 25 is added to read: 16 |
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| 22 | 22 | | § 25. SUPERVISION AND REGULATION REPORT 17 |
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| 23 | 23 | | (a) The Commissioner shall prepare an annual supervision and regulation 18 |
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| 24 | 24 | | report applicable to persons, services, and products subject to the Department’s 19 |
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| 25 | 25 | | jurisdiction. The purpose of the report is to inform the public and provide 20 BILL AS INTRODUCED H.124 |
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| 26 | 26 | | 2025 Page 2 of 3 |
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| 28 | 28 | | |
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| 29 | 29 | | VT LEG #380223 v.1 |
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| 30 | 30 | | transparency about the Department’s supervisory and regulatory policies and 1 |
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| 31 | 31 | | actions and current conditions relevant to the industries the Department 2 |
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| 32 | 32 | | regulates. The report shall include: 3 |
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| 33 | 33 | | (1) a general description of regulatory compliance within each industry, 4 |
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| 34 | 34 | | including the number and nature of examinations, investigations, enforcement 5 |
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| 35 | 35 | | actions, and consumer complaints; 6 |
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| 36 | 36 | | (2) a general description of the financial and market conditions relevant 7 |
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| 37 | 37 | | to each industry particularly as they relate to the availability and affordability 8 |
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| 38 | 38 | | of products and services for consumers; 9 |
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| 39 | 39 | | (3) an assessment of regulatory fees, including an itemization of the 10 |
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| 40 | 40 | | revenue collected and the regulatory functions supported, and whether current 11 |
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| 41 | 41 | | fees are comparable to those charged in other jurisdictions; 12 |
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| 42 | 42 | | (4) a review of emerging trends and developments within each industry, 13 |
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| 43 | 43 | | including a description of new products and services, and recommendations for 14 |
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| 44 | 44 | | ensuring the regulatory environment is sufficiently responsive to those trends 15 |
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| 45 | 45 | | and developments; and 16 |
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| 46 | 46 | | (5) any other information the Commissioner deems relevant to the 17 |
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| 47 | 47 | | purpose of the report as stated in this subsection. 18 |
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| 48 | 48 | | (b) The Commissioner shall submit the report in writing to the General 19 |
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| 49 | 49 | | Assembly on or before January 15, 2026, and annually thereafter, 20 |
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| 50 | 50 | | notwithstanding 2 V.S.A. § 20(d). 21 BILL AS INTRODUCED H.124 |
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| 51 | 51 | | 2025 Page 3 of 3 |
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| 53 | 53 | | |
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| 54 | 54 | | VT LEG #380223 v.1 |
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| 55 | 55 | | Sec. 2. EFFECTIVE DATE 1 |
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| 56 | 56 | | This act shall take effect on passage. 2 |
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