§ 10502 - Definitions relating to basic banking - Vermont Statutes

§ 10502. Definitions relating to basic banking

For the purposes of sections 10501 through 10504 of this title, the following terms shall have the following meanings:

(1) "Basic checking account" means a deposit account on which the consumer is permitted to make payments or transfers by check, money order or other negotiable instruments and which is maintained by such person for personal, family or household purposes.

(2) "Basic savings account" means a savings account or statement savings which is maintained by such person for personal, family or household purposes.

(3) "Consumer" means a natural person. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)