Bank Products; Prohibitions

V.S.A. tit. 8, ch. 200, subch. 5

in effect

8 V.S.A. § 10501 Basic banking

10501. Basic banking It is the public policy of this State to promote the economic viability and prosperity of its residents and to promote, attract, and encourage savings. The General Assembly finds and declares that access to basic banking services for basic depository transactions is necessary for the payment of monthly expenses and for the encouragement of thrift by Vermont consumers. The General Assembly further finds and declares that reasonable cost basic banking services promote savings on the part of consumers who are young, old, or have low income and provide, through means of payment by check, draft, negotiable order of withdrawal, or similar instrument, a viable alternative for cash transactions, which is essential to all Vermont consumers. Therefore, it is the purpose of this chapter to ensure that basic banking services remain available to all Vermont consumers. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2013, No. 96 (Adj. Sess.), § 25.

8 V.S.A. § 10502 Definitions relating to basic banking

10502. Definitions relating to basic banking As used in sections 10501 through 10504 of this title, the following terms shall have the following meanings: (1) “Basic checking account” means a deposit account on which the consumer is permitted to make payments or transfers by check, money order, or other negotiable instruments and that is maintained by such person for personal, family, or household purposes. (2) “Basic savings account” means a savings account or statement savings that is maintained by such person for personal, family, or household purposes. (3) “Consumer” means a natural person. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.

8 V.S.A. § 10504 Basic banking rules

10504. Basic banking rules The Commissioner may adopt rules to require Vermont financial institutions to offer basic checking and savings accounts if the Commissioner finds a material deterioration in the availability and cost of basic checking and savings account services in the results of any two consecutive surveys. Any rules adopted by the Commissioner under this section shall ensure that any required basic banking will not impair the safety and soundness of any affected Vermont financial institution and that any such rules shall not adversely affect other consumers of banking services. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 282, eff. July 1, 2022; 2025, No. 142 (Adj. Sess.), § 27, eff. July 1, 2026.

8 V.S.A. § 10505 Returned check charges

10505. Returned check charges No financial institution or credit union shall assess a returned check charge or similar charge against a depositor for the costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which it was drawn. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 1, eff. Feb. 2, 2002; 2025, No. 142 (Adj. Sess.), § 28, eff. July 1, 2026.

8 V.S.A. § 10506 Unsolicited distribution of cash advance contracts and notes

10506. Unsolicited distribution of cash advance contracts and notes No person shall distribute by mail, or in any other manner, to a Vermont resident an unsolicited cash advance contract or note in furtherance of that contract. A person who violates this section shall also be subject to the provisions of chapter 201, subchapter 6 of this title. This section does not apply to: (1) any communication by a lender with a borrower pursuant to a preexisting credit relationship, including the furnishing on an unsolicited basis of any check, card, plate, or other means of accessing a preexisting loan or line of credit; or (2) any unsolicited firm offer of credit made in compliance with the rules of the Federal Trade Commission relating to prescreening, as in effect from time to time. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/08/200Fetched: 10/21/2026