Vermont Amends Consumer Protection Laws

By Paul McSheffrey, J.D.
The state of Vermont has recently made changes to several consumer protection laws.  Senate Bill 73 amends rules including rent-to-own agreements, financial literacy, and the Security Breach Notice Act. 
Rent-to-Own Agreements
Senate Bill 73 modified 9 V.S.A. § 41b regarding rent-to-own agreements of merchandise.  This section provides definitions, limits, and requirements for rent-to-own agreements.  Among the changes to the statute are revised definitions and requirements.  Specifically, section 41b(a)(5) provides a new definition for “merchandise”.  The definition now specifically excludes real property or a mobile home. 
These changes become effective on September 1, 2015. 
Vermont Financial Literacy Commission
The Bill also provides for the creation of a Vermont Financial Literacy Commission to improve the financial capabilities of Vermont residents.  Chapter 151 § 6001-6004 defines terms as well as who shall comprise the eleven person commission.  Under § 6002(b)(8), one representative from Vermont’s banking industry shall be appointed to the commission by the Vermont Bankers Association.  Additionally, one representative from Vermont’s credit union industry shall be appointed by the Association of Vermont Credit Unions. 
These changes became effective on July 1, 2015.  
Security Breach Notice Act
Additionally, section eight of the Bill made changes regarding the Security Breach Notice Act.  Section 2435(b)(6) now provides that a data collector may provide notice of a security breach to a consumer by one or  more of the methods listed.  The previous version of the statute stated that notice may be given by only one of the methods listed. 
These changes became effective on July 1, 2015.