§ 10302 - Automated teller machines - Vermont Statutes

§ 10302. Automated teller machines

(a) The owner of an automated teller machine or other remote service unit, including a cash dispensing machine, located or employed in this state shall disclose at the location of each such machine the identity, address and telephone number of the owner and the availability of consumer assistance. The owner shall also disclose to the consumer the amount of the fees or charges which the owner will assess to the consumer for the use of that machine. The commissioner shall approve the form, content, timing and location of such disclosures and any amendments thereto prior to use. The commissioner shall act on any submission made under this section within 30 days of receipt. If the commissioner determines that any disclosures do not provide adequate consumer protection, the commissioner may by order or by rule specify minimum disclosure standards, including the form, content, timing and location of such disclosures. The commissioner may impose on the owner of an automated teller machine or other remote service unit an administrative penalty of not more than $1,000.00 for each day's failure of the owner to apply to the commissioner for approval of disclosures required under this section, for each day's failure of the owner to use disclosures approved by the commissioner or for each day's continuing violation of an order of the commissioner relating to the disclosures required by this section.

(b) In addition to an automated teller machine or other remote service unit owned by a financial institution or credit union, the provisions of this section shall apply to any automated teller machine or other remote service unit not owned by a financial institution or credit union, except it shall not include a point-of-sale terminal owned or operated by a merchant who does not charge a fee for the use of the point-of-sale terminal. The activities of an automated teller machine or other remote service unit whose owner is not a financial institution shall be limited to cash dispensing or the offer or sale of nonbanking services and products. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)