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