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Can you summarize 9 VTST Chapter 63, Subchapter 9?
Consumer Protection > CREDIT CARD TERMINAL FINANCE LEASES
Short Summary
This legal document, added in 2018, falls under the Commerce and Trade section of the Vermont Statutes and specifically addresses consumer protection in credit card terminal finance leases. It requires persons who solicit finance leases for credit card terminals to accurately disclose their relationship to the owners, lessors, service providers, and financiers of the terminals. The document also mandates the disclosure of whether oral statements made during solicitation are included in the lease terms and enforceable. The finance lease, as outlined in the document, must be drafted using plain language that can be easily understood by ordinary consumers. It must specify the terms, total price, total monthly payment, penalties, and whether the consumer has the option to purchase the credit card terminal. If bundled processing services are offered, a separate service agreement must be provided, specifying the terms, total price, total monthly payment, and penalties for the services. The finance lease must clearly identify the lessor and provide contact information for payment, questions or problems, and return or repair of the credit card terminal. The document prohibits choosing a judicial forum that lacks jurisdiction over the lessee and collecting charges for business personal property tax unless imposed. The lessor must provide a copy of the executed finance lease to the lessee and retain a copy for at least four years. The lessee has the right to cancel the finance lease within 45 days of receiving a copy, with the lessor retaining payments made and imposing a reasonable cancellation fee. Overall, this document aims to ensure transparency and consumer protection in credit card terminal finance leases.
Whom does it apply to?
Persons who solicit finance leases for credit card terminals
What does it govern?
Credit card terminal finance leases
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are specified for non-compliance or violations.
Jurisdiction
Vermont