§10502. Definitions relating to basic banking

Link to law: http://legislature.vermont.gov/statutes/section/08/200/10502
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

200

:
CONSUMER PROTECTION






Subchapter

005
:
BANK PRODUCTS; PROHIBITIONS










 

§

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 which is maintained by such person for personal,

family, or household purposes.

(2) "Basic

savings account" means a savings account or statement savings which 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.)
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