An act relating to banking and insurance

This bill updates Vermont's banking and insurance regulations by addressing several key areas including data security, licensing procedures, and consumer protections. It establishes obligations for the Department of Financial Regulation when denying financial licenses, clarifies debt cancellation rights for borrowers, and sets legal interest rates for borrower deposits. The legislation also enhances confidentiality for proprietary information submitted to regulators, modifies disclosure requirements for long-term care insurance rate increases, and provides additional protection for Federal Home Loan Bank loans during insurance company delinquency proceedings. Additionally, it requires a study of automobile insurance business practices in Vermont.