Introduced by Representatives Keenan of St. Albans City, Acinapura of Brandon, Condon of Colchester, Houston of Ferrisburgh, Hutchinson of Randolph, Kitzmiller of Montpelier, Marcotte of Coventry, Morley of Barton, Reese of Pomfret, Shand of Weathersfield, Trombley of Grand Isle and Young of Orwell
Subject: Banking and insurance; consumer protection; debit cards
Statement of purpose: This bill proposes to require financial institutions to release holds made for preauthorized amounts when the transaction is completed.
AN ACT RELATING TO DEBIT CARDS
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 8 V.S.A. § 10303 is added to read:
§ 10303. DEBIT CARDS
A financial institution that issues debit cards in Vermont shall release a hold placed on an account for the preauthorized amount when the amount of the transaction is debited from the account.
The Vermont General Assembly
115 State Street