§10302. Automated teller machines

Link to law: http://legislature.vermont.gov/statutes/section/08/200/10302
Published: 2015

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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.)
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