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. § 2701)
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§ 2701. Definitions
As used in this chapter:
(1) “Account” means a demand deposit or share draft (checking) account, savings account,
or other comparable consumer asset account (other than an occasional or incidental
credit balance in a credit plan) regularly maintained by the consumer at a financial
institution or at a credit union.
(2) “Financial institution” means an institution as defined in subdivision 11101(32) of this title.
(3) “Gift certificate” means a record evidencing a promise made for consideration by the
seller or issuer of the record that money, goods, or services will be provided to
the holder of the record for the value shown in the record. A “gift certificate” includes
a record that contains a microprocessor chip, magnetic strip, or other means for the
storage of information that is prefunded and for which the value is decremented upon
each use; a gift card; an electronic gift card; a prepaid access card or certificate;
a store card; or a similar record or card. A gift certificate does not include an
access device such as a debit card, code, or other means of access to a consumer’s
account regularly maintained at a financial institution or credit union that may be
used by the consumer to access the funds in his or her account to initiate a withdrawal
or to initiate an electronic funds transfer from the consumer’s account.
(4) “Loyalty, award, or promotional gift certificate” means a gift certificate that is
issued on a prepaid basis primarily for personal, family, or household purposes to
a consumer in connection with a loyalty, award, or promotional program and that is
redeemable upon presentation to one or more merchants for goods or services or that
is usable at automated teller machines.
(5) “Paid value” means the value of any money or other thing of value given in exchange
for a gift certificate.
(6) “Promotional value” means any value shown on a gift certificate in excess of the paid
value of the gift certificate. (Added 2005, No. 39, § 1; amended 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012; 2019, No. 20, § 64.)