Title 09, Commerce and Trade

§ 103. Residential real estate loans (a) For any fixed-rate loan, secured by a lien against real estate, used or to be used by the borrower as a residence, the rate of interest and other terms of the loan shall be for the duration of the loan at no more than the rate and terms es…

§ 104. High rate loans (a) The Commissioner may adopt disclosure rules for loans secured by a first lien on residential real estate in which the borrower is expected to be charged in excess of four points or interest in excess of three percent over the rate established pursuant t…

§ 201. Definitions As used in this subchapter: (1) “Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms: (A) cash; (B) wired funds or electronic transfer; (C) certified check; (D) checks issu…

§ 202. Applicability This subchapter applies only to transactions involving loans made by lenders, which loans are secured by a first lien on owner-occupied one-to-four-unit residential real estate, including first and second homes. (Added 2001, No. 55, § 2.)

§ 203. Duty of lender (a) The lender shall, at or before the loan closing, cause disbursement of loan funds to the settlement agent; however, in the case of a refinancing, or any other loan where a right of rescission applies but has not been exercised, the lender shall, prior to…

§ 204. Duty of settlement agent that is not a lender A settlement agent that has received the loan funds from the lender shall cause disbursement of settlement proceeds at the loan closing, or, for any other loan where a right of rescission applies, the settlement agent shall cau…

§ 205. Commissioner’s powers (a) The Commissioner may: (1) impose an administrative penalty of not more than $1,000.00 for each violation upon any person who violates or participates in the violation of this subchapter, or any lawful regulation or order issued thereunder; (2) ord…

§ 206. Consumer remedies (a) A lender or settlement agent who violates any provision of this subchapter and causes actual damage to a consumer is subject to a civil action by the aggrieved consumer in which the consumer has the right to recover the greater of actual damages in an…

§ 41a. Legal rates (a) Except as specifically provided by law, the rate of interest or the sum allowed for forbearance or use of money shall be 12 percent per annum computed by the actuarial method. (b) The rate of interest or the sum allowed: (1) For single payment loans by lend…

§ 41b. Rent-to-own agreements; disclosure of terms (a) Definitions. In this section: (1) “Advertisement” means a commercial message that solicits a consumer to enter into a rent-to-own agreement for a specific item of merchandise that is conveyed: (A) at a merchant’s place of bus…

§ 41c. Rent-to-own; assistive devices (a) As used in this section: (1) “Assistive device” means any item, piece of equipment, or product system, whether acquired commercially off-the-shelf, modified, or customized, that is used or designed to be used to increase, maintain, or imp…

§ 42. Permitted charges (a) Except for interest as provided in this chapter, a lender shall make no charges against a borrower for the use or forbearance of money other than: (1) the reasonable cost of credit investigation and appraisal fees; (2) the reasonable cost of title evid…

§ 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 …

§ 44. Certain charges not usurious Agreements to maintain with the lender non-interest bearing reserves or deposits with which to pay when due taxes and insurance premiums, or agreements clearly set forth in the loan contract for the payment of reasonable delinquency or deferral …

§ 45. Prepayment of loans A borrower may prepay a loan at any time, without prepayment premium or penalty. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)

§ 46. Exceptions Section 43 of this title, relating to deposit requirements, and section 45 of this title, relating to prepayment penalties, shall not apply and the parties may contract for a rate of interest in excess of the rate provided in section 41a of this title in the case…

§ 47. Application of payments (a) On a note, bill, or other similar obligation, payable on demand or at a specified time, with interest, when a payment is made, the payment shall be applied: first, to liquidate the interest accrued at the time of the payment; and second, to extin…

§ 48. Excess insurance, proceeds If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficia…

§ 49. Computation of interest When a note, bill, or other similar obligation is payable on demand or at a specified time, with interest annually, the annual interest that remains unpaid shall bear simple interest from the time it becomes due to the time of final settlement; but i…

§ 50. Penalties (a) When a greater rate of interest than is allowed by law is paid, the person paying it may recover the amount so paid above the legal interest, with interest thereon from the time of payment and all expenses of collection, including reasonable attorney’s fees, i…

§ 270. Short title This chapter may be cited as the Uniform Electronic Transactions Act. (Added 2003, No. 44, § 1, eff. Jan. 1, 2004.)

§ 271. Definitions For purposes of this chapter: (1) “Agreement” means the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwise applicable to…

§ 272. Scope (a) Except as otherwise provided in subsections (b) and (c) of this section, this chapter applies to electronic records and electronic signatures relating to a transaction. (b) This chapter does not apply to: (1) a transaction to the extent it is governed by a law go…

§ 273. Prospective application This chapter applies to any electronic record or electronic signature created, generated, sent, communicated, received, or stored on or after January 1, 2004. (Added 2003, No. 44, § 1, eff. Jan. 1, 2004.)

§ 274. Use of electronic records and electronic signatures; variation by agreement (a) This chapter does not require a record or signature to be created, generated, sent, communicated, received, stored, or otherwise processed or used by electronic means or in electronic form. (b)…

§ 275. Construction and application This chapter must be construed and applied: (1) to facilitate electronic transactions consistent with other applicable law; (2) to be consistent with reasonable practices concerning electronic transactions and with the continued expansion of th…

§ 276. Legal recognition of electronic records, electronic signatures, and electronic contracts (a) A record or signature may not be denied legal effect or enforceability solely because it is in electronic form. (b) A contract may not be denied legal effect or enforceability sole…

§ 277. Provision of information in writing; presentation of records (a) If parties have agreed to conduct a transaction by electronic means and a law requires a person to provide, send, or deliver information in writing to another person, the requirement is satisfied if the infor…

§ 278. Attribution and effect of electronic record and electronic signature (a) An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of the person may be shown in any manner, including a showing of the efficacy of any s…

§ 279. Effect of change or error If a change or error in an electronic record occurs in a transmission between parties to a transaction, the following rules apply: (1) If the parties have agreed to use a security procedure to detect changes or errors and one party has conformed t…

§ 280. Notarization and acknowledgment If a law requires a signature or record to be notarized, acknowledged, verified, or made under oath, the requirement is satisfied if the electronic signature of the person authorized to perform those acts, together with all other information…

§ 281. Retention of electronic records; originals (a) If a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in the record that: (1) accurately reflects the information set forth in the record at the time and…

§ 282. Admissibility in evidence In a proceeding, evidence of a record or signature may not be excluded solely because it is in electronic form. (Added 2003, No. 44, § 1, eff. Jan. 1, 2004.)

§ 283. Automated transaction In an automated transaction, the following rules apply: (1) A contract may be formed by the interaction of electronic agents of the parties, even if no individual was aware of or reviewed the electronic agents’ actions or the resulting terms and agree…

§ 284. Time and place of sending and receipt (a) Unless otherwise agreed between the sender and the recipient, an electronic record is sent when it: (1) is addressed properly or otherwise directed properly to an information processing system that the recipient has designated or u…

§ 285. Transferable records (a) In this section, “transferable record” means an electronic record that: (1) would be a note under 9A V.S.A. § 3—104 or a document under 9A V.S.A. § 7—102 if the electronic record were in writing; and (2) the issuer of the electronic record expressl…

§ 286. Preservation of rights and obligations This chapter does not: (1) limit, alter, or otherwise affect any requirement imposed by a statute, regulation, or rule of law relating to the rights and obligations of persons under such statute, regulation, or rule of law other than …

§ 287. Consumer disclosures (a) Consent to Electronic Records. Notwithstanding other provisions of this chapter, if a statute, regulation, or other rule of law requires that information relating to a transaction or transactions be provided or made available to a consumer in writi…

§ 288. Accuracy and ability to retain contracts and other records Notwithstanding other provisions of this chapter, if a statute, regulation, or other rule of law requires that a contract or other record relating to a transaction be in writing, the legal effect, validity, or enfo…

§ 289. Procedures consistent with federal law Consistent with the provisions of Section 7002(a) of the Electronic Signatures in the Global and National Commerce Act, 15 U.S.C § 7002(a), this chapter sets forth alternative procedures or requirements for the use of electronic recor…

§ 290. Severability clause If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and…

§ 1921. Extent of lien; notice (a) When a contract or agreement is made, whether in writing or not, for erecting, repairing, moving, or altering improvements to real property or for furnishing labor or material therefor, the person proceeding in pursuance of such contract or agre…

§ 1922. Effect of lien Unless a person has satisfied or paid the claim upon which such lien is founded after the person has received written notice of a lien as provided for in subsection 1921(b) of this title, or unless the lien has not been perfected within the time required un…

§ 1923. Recording notice of lien A person claiming a lien under section 1921 of this title shall file for record in the clerk’s office of the town where such real estate is situated a written memorandum, signed by him or her, asserting his or her claim, which shall charge such re…

§ 1924. Action to enforce lien Within 180 days from the time of filing such memorandum, if such payment is due at the time of such filing and within 180 days from the time such payment becomes due, if not due at the time of such filing, such person may commence his or her action …

§ 1925. Foreclosure Within five months after the date of such judgment, the plaintiff may cause a certified copy of the record thereof to be recorded in the office of the clerk of the town in which such real estate or other property is situated. Thereupon the same shall be holden…