§ 2701. Definitions As used in this chapter: (1) “Account” means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union. (2) “Financial […]
§ 2702. Expiration date The paid value of a gift certificate sold or offered to be sold shall be valid for not less than five years after its date of issuance or after the date funds were last loaded onto the gift certificate, whichever is later. The date of issuance and the expiration date shall […]
§ 2702a. Loyalty, award, or promotional gift certificate A loyalty, award, or promotional gift certificate shall clearly and legibly set forth the following disclosures, as applicable: (1) a statement indicating that the gift certificate is issued for loyalty, award, or promotional purposes, which shall be included on the front of the gift certificate; (2) the […]
§ 2703. Prohibited fees (a) Dormancy fees, latency fees, issuance fees, redemption fees, or any other administrative fees or service charges in connection with a gift certificate are prohibited. (b) Notwithstanding subsection (a) of this section, a money transmitter licensed under chapter 79 of this title, financial institution, or credit union may charge a one-time […]
§ 2704. Redemption of gift certificate for cash If the remaining value of a gift certificate is less than $1.00, the gift certificate shall be redeemable in cash for its remaining value upon the demand of the holder of the gift certificate. (Added 2005, No. 39, § 1.)
§ 2705. Balance inquiry The issuer of the gift certificate, at the holder’s request, shall inform the holder of the unused balance remaining on the gift certificate and the expiration date of the gift certificate. (Added 2005, No. 39, § 1.)
§ 2706. Penalty (a) The Commissioner may impose an administrative penalty of not more than $1,000.00 per violation upon any person who violates any provision of this chapter, any applicable rule, or any order issued by the Commissioner, plus the State’s costs and expenses for the investigation and prosecution of the matter, including attorney’s fees. […]
§ 2707. Exemption Except as provided in this section, the provisions of this chapter shall not apply to the following: (1) a loyalty, award, or promotional gift certificate where no money or other thing of value is given in exchange for the gift certificate, provided that the gift certificate complies with section 2702a of this […]
§ 2708. Investigations and complaints; powers of Commissioner If the Commissioner has reason to believe that any person has violated any of the provisions of this chapter, the Commissioner may make such investigation as the Commissioner shall deem necessary, and, to the extent necessary for this purpose, the Commissioner’s authorized representative may examine such person […]
§ 2709. Vermont Consumer Protection Act (a) A violation of this chapter shall be deemed also a violation of the Vermont Consumer Protection Act, 9 V.S.A. chapter 63, provided that the Commissioner’s determinations concerning the interpretation and administration of the provisions of this chapter and any rules adopted under this chapter shall carry a presumption […]
§ 2710. Enforcement (a) The Commissioner may enforce compliance with the requirements of this chapter with respect to financial institutions as defined in subdivision 11101(32) of this title, credit unions, and all persons and entities licensed or required to be licensed under this title. (b) The Attorney General shall cooperate and consult with the Commissioner […]
§ 2711. Rules (a) The Commissioner may adopt such rules as are necessary to carry out the purposes of this chapter with respect to financial institutions, credit unions, and all persons and entities licensed or required to be licensed under this title. (b) The Attorney General may adopt such rules as are necessary to carry […]
