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S.228

AN ACT RELATING TO PRICE GOUGING FOR PETROLEUM PRODUCTS

The House proposes to the Senate to amend the bill as follows:

First:  In Sec. 2, 9 V.S.A. § 2461d(b), after “market emergency”, by inserting “or seven days prior thereto

Second:  In Sec. 2, 9 V.S.A. § 2461d(c)(1), after “amount charged”, by inserting “during the market emergency or seven days prior thereto

Third:  In Sec. 2, by striking 9 V.S.A. § 2461d(d)

Fourth:  In Sec. 2, 9 V.S.A. § 2461e, by striking subdivision (1)(C) and inserting in lieu thereof new subdivisions (C) and (D)to read as follows:

(C)  (Line of credit, letter of credit, cash) a line of credit from an FDIC insured institution, letter of credit from an FDIC insured institution, cash in an FDIC insured account or a functionally equivalent account, or combination thereof in an amount that represents 100 percent of the cost to the dealer of the maximum number of gallons that the dealer is committed to deliver pursuant to all prepaid contracts entered into by the dealer.  The cost shall be calculated at the time the contracts are entered into.

Fifth:  In Sec. 2, 9 V.S.A. § 2461e(b)(2), after the two instances of “futures contracts” in the first instance and by striking “, surety bonds, or letter of credit” in the second instance

and that upon passage, the title be amended to read “AN ACT RELATING TO PRICE GOUGING OF PETROLEUM PRODUCTS AND HEATING FUEL PRODUCTS AND REQUIREMENTS FOR PRE-BUY CONTRACTS”

 

 



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us