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.
Subchapter
001
:
INTEREST GENERALLY
(Cite as: 9 V.S.A. § 43)
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§ 43. Deposit requirement prohibited; exception
A lender shall not, as a condition to granting or extending a loan, require a borrower
to keep or place any sum on deposit with the lender or nominee of the lender, except
for deposit arrangements directly related to secured credit cards in a manner consistent
with rules adopted by the Commissioner, rules that shall include disclosure requirements,
and specific types of alternative mortgages approved by the Commissioner as provided
in 8 V.S.A. § 1256. Any deposit arrangement permitted under this section shall not result in an effective
interest rate that exceeds legal rates established in 9 V.S.A. § 41a. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1977, No. 184 (Adj. Sess.), § 2; 1995, No. 9, § 3; 2023, No. 32, § 5, eff. July 1, 2023.)