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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
200
:
CONSUMER PROTECTION
Subchapter
003
:
DISCLOSURES AND REPORTS
§
10302. Automated teller machines
(a) The owner of
an automated teller machine or other remote service unit, including a cash
dispensing machine, located or employed in this State shall prominently and
conspicuously disclose on or at the location of each such machine or on the
first screen of each such machine the identity, address, and telephone number
of the owner and the availability of consumer assistance. The owner shall also
disclose on the screen of such machine or on a paper notice issued from the
machine the amount of the fees or charges which the owner will assess to the
consumer for the use of that machine. The amount of the fees or charges shall
be disclosed before the consumer is irrevocably committed to completing the
transaction. The Commissioner shall approve the form, content, timing, and
location of such disclosures and any amendments thereto prior to use. The
Commissioner shall act on any submission made under this section within 30 days
of receipt. If the Commissioner determines that any disclosures do not provide
adequate consumer protection, the Commissioner may by order or by rule specify
minimum disclosure standards, including the form, content, timing, and location
of such disclosures. The Commissioner may impose on the owner of an automated
teller machine or other remote service unit an administrative penalty of not
more than $1,000.00 for each day's failure of the owner to apply to the
Commissioner for approval of disclosures required under this section, for each
day's failure of the owner to use disclosures approved by the Commissioner, or
for each day's continuing violation of an order of the Commissioner relating to
the disclosures required by this section.
(b) In addition
to an automated teller machine or other remote service unit owned by a
financial institution or credit union, the provisions of this section shall
apply to any automated teller machine or other remote service unit not owned by
a financial institution or credit union, except it shall not include a
point-of-sale terminal owned or operated by a merchant who does not charge a
fee for the use of the point-of-sale terminal. The activities of an automated
teller machine or other remote service unit whose owner is not a financial
institution shall be limited to cash dispensing or the offer or sale of
nonbanking services and products. (Added 1999, No. 153 (Adj. Sess.), § 2, eff.
Jan. 1, 2001; amended 2013, No. 29, § 16, eff. May 13, 2013.)