2013 Vermont Statutes
Title 09 Commerce and Trade
Chapter 4 INTEREST
§ 43 Deposit requirement prohibited; exception

9 V.S.A. § 43 What's This?

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. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1977, No. 184 (Adj. Sess.), 2; 1995, No. 9, 3.)

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