Ask Reggi Your Question Now
Can you summarize 8 VTST 10302?
DISCLOSURES AND REPORTS > Automated teller machines
Short Summary
This section of the Vermont Statutes governs the disclosure requirements and other obligations for owners of automated teller machines (ATMs) or other remote service units, including cash dispensing machines, located or employed in the state. The owners are required to prominently and conspicuously disclose their identity, address, and telephone number, as well as the availability of consumer assistance, on or at the location of each machine or on the first screen. They must also disclose the fees or charges for using the machine before the consumer commits to the transaction. The Commissioner has the authority to approve the form, content, timing, and location of these disclosures. Failure to comply with the disclosure requirements or orders of the Commissioner may result in an administrative penalty of up to $1,000.00 per day. The section also requires owners to notify the Commissioner of the location and deactivation of each terminal. Additionally, it specifies that the provisions apply to non-financial institution-owned ATMs or remote service units, except for point-of-sale terminals owned or operated by fee-free merchants. The activities of non-financial institution-owned ATMs or remote service units are limited to cash dispensing or the offer/sale of nonbanking services and products.
Whom does it apply to?
Owners of automated teller machines or other remote service units located or employed in Vermont
What does it govern?
Automated teller machines, remote service units, cash dispensing machines
What are exemptions?
Point-of-sale terminals owned or operated by merchants who do not charge a fee for their use
What are the Penalties?
Administrative penalty of not more than $1,000.00 per day for failure to comply with disclosure requirements or orders of the Commissioner
Jurisdiction
Vermont