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Can I collect debit card information from participants in Vermont? What are the requirements?

Based on the context documents provided, you may collect debit card information from participants in Vermont subject to certain requirements.

Requirements for collecting debit card information in Vermont

According to [1.1], no electronic payment system may impose any requirement, condition, penalty, or fine in a contract with a merchant to inhibit the ability of any merchant to accept a debit card as a form of payment. Therefore, you may collect debit card information from participants in Vermont as long as you accept debit cards as a form of payment.

Additionally, [2.4] requires financial institutions to provide initial, annual, and revised privacy notices that include information about the categories of nonpublic personal information that the financial institution collects and discloses. If you are collecting debit card information, you must include this information in your privacy notices.

Furthermore, [2.2] provides exceptions to notice and opt-in requirements for disclosure of nonpublic personal financial information for processing and servicing transactions. If you disclose nonpublic personal financial information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, you are not required to provide notice or obtain opt-in consent. However, you must still include this information in your privacy notices.

[2.1] and [2.3] provide additional exceptions to notice and opt-in requirements for disclosure of nonpublic personal financial information. These exceptions include disclosing nonpublic personal financial information with the consent or at the direction of the consumer, to protect the confidentiality or security of a financial institution’s records pertaining to the consumer, to protect against or prevent actual or potential fraud or unauthorized transactions, claims or other liability, and to comply with federal, state or local laws, rules and other applicable legal requirements.

Conclusion

You may collect debit card information from participants in Vermont as long as you accept debit cards as a form of payment and include information about the collection and disclosure of nonpublic personal financial information in your privacy notices. There are also exceptions to notice and opt-in requirements for disclosure of nonpublic personal financial information that may apply to your situation.

Source(s):
Jurisdiction

Vermont