Vermont Credit Laws

On retail installment contracts the maximum rate is 18% on the first $ 500, 15% above $ 500. The general usury limit is 12%.

Retail Installment Contracts 3 - Witnessed Promissory Note 14 - Open Acct: 6 - Written Contract 6 - Domestic Judgment 8 - Foreign Judgment 8

Court costs, amount of check, attorney’s fees, damage of $50. (Notices required)

75% of earning above minimum wage or what is necessary to live. 85% if personal, family or house held debt.

Limit in Vermont is $75,000. Debtors may also claim the rents and profits of any rental property, as exempt. The spouse of the deceased may claim the homestead exemption. However, property that is held in tenancy by the entirety may be exempt from the debts owed by one spouse.

The use of any false, fraudulent, deceptive, or misleading representation or means to collect or attempt to collect any debt arising out of a consumer transaction or to obtain information concerning debtors constitutes an unfair and deceptive trade act and practice in commerce under Vermont Statute title 9, section 2453(a). Such unfair and deceptive acts include (but shall not be limited to) the following: (h) Any representation that an existing obligation of the debtor may be increased by the addition of attorney’s fees, investigation fees, service fees, or any other fees or charges, if in fact such fees or charges may not legally be added to the existing obligation. The use of any unfair or unconscionable means to collect or attempt to collect any debt arising out of a consumer transaction constitutes an unfair trade act and practice in commerce under Vermont Statute title 9, section 2453(a). Such unfair acts include (but shall not be limited to) the following:

(a) The collection of or the attempt to collect from the debtor any part or all of the   debt collector’s fee or charge for services rendered, unless legally entitled to such   fee or charge;

(b) The collection of or the attempt to collect any interest or other charge, fee, or  expense incidental to the principal obligation unless such interest or incidental    fee, charge, or expense is expressly authorized by the agreement creating the  obligation and is legally chargeable to the debtor, or is legally chargeable under state law.