AFSA, Partners, Drive to Win in Vermont
Vermont Senate Bill 18 became law yesterday without Governor Philip Scott’s signature and without harmful language for consumers attempting to finance vehicles in the Green Mountain State.
The new law places restrictions on what terms are prohibited in a standard form contract, such as a contract for the extension of credit or a retail installment sales contract. It includes a provision that effectively prohibits arbitration, an efficient and inexpensive way for consumers to resolve issues and obtain redress with companies.
The Vermont auto dealers and AFSA, together with the help of Hudson Cook, ensured that contracts in which one party is governed by the state’s department of financial regulation are excluded from the restrictions. Banks are also excluded.
AFSA will continue to fight for the ability of lenders to offer safe, affordable credit and for consumers to take advantage of the same.
If you have any questions about Vermont’s new law, please contact AFSA State Government Affairs or Nikki Munro at Hudson Cook.
July 25th, 2019
