The Vermont Statutes Online

Title 8: Banking and Insurance


8 V.S.A. § 2703. Prohibited fees

§ 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 fee upon the issuance of a stored-value card equal to the lesser of:

(1) 10 percent of the face amount purchased or added to the stored-value card; or

(2) $10.00. (Added 2005, No. 39, § 1.)