Vermont § 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 under the
  agreement. 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 boldface
  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. 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) of this section to be charged and paid under the agreement. 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: “NOTICE TO THE BUYER—DO NOT SIGN THIS AGREEMENT IN BLANK. YOU ARE ENTITLED TO A COPY
  OF THE AGREEMENT AT THE TIME YOU SIGN. KEEP IT TO PROTECT YOUR LEGAL RIGHTS.” (b)(1) 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 under the agreement, which statement shall recite the following: (A) the unpaid balance under the retail charge agreement at the beginning and at the end
  of the period; (B) 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; (C) the payments made by the buyer to the seller and other credits to the buyer during
  the period; (D) the amount, if any, of any charge for the period made under subsection (c) of this
  section; and (E) that the buyer may at any time pay the total balance or any part of the total balance. (2) The items specified in subdivision (1) of this subsection need not be stated in the
  sequence or order set forth in subdivision (1) of this subsection; 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 under the agreement,
  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 shall be less than 50 cents
  for any month or longer regular period, 50 cents may nevertheless be charged, received,
  and collected. In addition, a retail charge agreement may provide for the payment
  of reasonable attorney’s fees where it is referred for collection to an attorney who
  is not a salaried employee of the holder of the retail charge agreement or any indebtedness
  under the agreement and of court costs and disbursements and also of actual and reasonable
  out-of-pocket expenses incurred in connection with the collection. (Added 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; 2021, No. 20, § 15.)