Vt. Bill Cracks Down On Credit Card Fees

Times Argus
March 17, 2010
Barlow, Daniel

A group of Senate lawmakers in Vermont, including Senate President Pro Tem Peter Shumlin (D-Windham), have announced a plan to rein in fines and fees issued by credit card companies. The bill caps late fees and requires that card companies send written notice before changing fees, terms, or other details of the contract. It also would help Vermont's merchants, who are often charged high fees and face confusing contracts from credit card issuers. The measure is modeled after legislation proposed by U.S. Rep. Peter Welch (D-Vt.); and although the federal government traditionally has wielded the power to regulate credit cards, state legislators plan to give authority to the Vermont Attorney General's Office and include provisions under the state's consumer protection law. "This proposal is an opportunity to show that Vermont is a leader in this country when it comes to protecting the rights of individuals and small-business owners," according to Sen. John Campbell (D-Windsor).
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