§ 404 - Insufficient funds; penalty - Vermont Statutes

§ 404. Insufficient funds; penalty

The state treasurer may assess a penalty of $20.00 against the issuer for each check returned on account of insufficient or uncollected funds.

(1) The department of taxes shall be entitled to $13.00 of each such penalty collected against a check issued to the department, which $13.00 shall be credited to a special fund established and managed pursuant to subchapter 5 of chapter 7 of this title, and shall be available to the department of taxes to offset the costs of collecting the amount owed, and may be adjusted pursuant to subdivision 603(2) of this title.

(2) In the case of checks issued to the agency of transportation (including the department of motor vehicles), $13.00 of each such penalty collected shall be deposited in the transportation fund. (Added 1983, No. 59, § 12, eff. April 22, 1983; amended 1989, No. 222 (Adj. Sess.), § 1, eff. May 31, 1990; 1991, No. 234 (Adj. Sess.), § 2; 1993, No. 27, § 5; 1997, No. 59, § 21, eff. June 30, 1997.)