Title 9: Commerce and Trade
Chapter 61: RETAIL INSTALLMENT SALES
9 V.S.A. § 2406 Retail charge agreements
§ 2406. Retail charge agreements
(a) Each retail charge agreement shall be in writing and signed by the buyer. A copy of any agreement executed on or after January 1, 1964 shall be delivered or mailed to the buyer by the seller before the date on which the first payment is due thereunder. Any acknowledgment by the buyer of delivery of a copy of the agreement contained in the body thereof shall be in a size equal to at least 10 point bold face type and shall appear directly above the buyer's signature. No agreement executed on or after January 1, 1964 shall be signed by the buyer when it contains blank spaces to be filled in after it has been signed. The buyer's acknowledgment, conforming to the requirements of this subsection, of delivery of a copy of an agreement, shall be presumptive proof in any action or proceeding of the delivery and that the agreement, when signed, did not contain any blank spaces as herein provided. All retail charge agreements executed on or after January 1, 1964 shall state the maximum amount or rate of any charge referred to in subsection (c) to be charged and paid thereunder. Any such agreement shall contain the following notice printed or typed in a size equal to at least 10 point bold type, which shall appear directly above the space provided for the buyer's signature:
(b) The seller shall promptly supply the buyer under the retail charge agreement with a statement as of the end of each monthly period (which need not be a calendar month), or other regular period agreed upon in writing by the seller and buyer, in which there is any unpaid balance thereunder, which statement shall recite the following:
(1) The unpaid balance under the retail charge agreement at the beginning and at the end of the period;
(2) Unless otherwise furnished by the seller to the buyer by sales slip, memorandum or otherwise, a description of the goods or services purchased during the period, the cash price and the date of each purchase;
(3) The payments made by the buyer to the seller and other credits to the buyer during the period;
(4) The amount, if any, of any charge for the period made under subsection (c); and
(5) That the buyer may at any time pay his total balance or any part thereof.
The above items need not be stated in the sequence or order set forth above; additional items may be included, but only to explain the computations made in determining the amount to be paid by the buyer.
(c) A retail charge agreement may provide for and the seller or holder may then, notwithstanding the provisions of any other law, charge, collect and receive, in addition to the cash price a charge for the privilege of making deferred payments thereunder which charge shall not exceed the rates authorized by subdivision 41a(b)(9) of this title. If the amount of the finance charge otherwise permitted hereunder shall be less than fifty cents for any month or longer regular period, fifty cents may nevertheless be charged, received and collected. In addition a retail charge agreement may provide for the payment of any attorney's reasonable fee where it is referred for collection to an attorney not a salaried employee of the holder of the retail charge agreement or any indebtedness thereunder and of court costs and disbursements and also of actual and reasonable out-of-pocket expenses incurred in connection with the collection. (1963, No. 221, § 6, eff. Jan. 1, 1964; amended 1979, No. 173 (Adj. Sess.), § 18, eff. April 30, 1980; 1983, No. 214 (Adj. Sess.), § 3.)