The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 8 V.S.A. § 2229)
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§ 2229. Confessions of judgment; powers of attorney; contents of notes
No licensee shall take any confession of judgment. No licensee shall take any power
of attorney excepting such as may be incorporated in a form of note approved by the
Commissioner for use in the financing of insurance premiums. No licensee shall take
any note, promise to pay, or security that does not accurately disclose the actual
amount of the loan, the time for which it is made, and the agreed rate of interest,
nor any instrument in which blank spaces are left to be filled in after execution.
Notwithstanding the foregoing provisions of this section, the Commissioner may by
rule exempt from all or part of this section commercial loans. (Amended 1987, No. 142 (Adj. Sess.), § 1, eff. April 11, 1988; 1989, No. 244 (Adj. Sess.), § 7.)