Vermont Statutes Title 8 Sec. 2707
Terms Used In Vermont Statutes Title 8 Sec. 2707
- Account: means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- gift certificate: includes a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a prepaid access card or certificate; a store card; or a similar record or card. See
- Paid value: means the value of any money or other thing of value given in exchange for a gift certificate. See
- Promotional value: means any value shown on a gift certificate in excess of the paid value of the gift certificate. See
§ 2707. Exemption
Except as provided in this section, the provisions of this chapter shall not apply to the following:
(1) a loyalty, award, or promotional gift certificate where no money or other thing of value is given in exchange for the gift certificate, provided that the gift certificate complies with section 2702a of this title;
(2) the promotional value of a loyalty, award, or promotional gift certificate issued in exchange for paid value, provided that the gift certificate complies with sections 2702 and 2702a of this title;
(3) a gift certificate donated to a charitable organization and used for fund-raising activities of a charitable organization, without any money or other thing of value being given in exchange for the gift certificate by the charitable organization, provided that the expiration date is clearly and legibly printed on the gift certificate;
(4) prepaid calling cards issued solely to provide an access number and authorization code for prepaid calling services;
(5) a season pass, a discount ski card, or a record sold for admission to any seasonal recreational activity; or
(6) a payroll card account issued pursuant to and in full compliance with 21 V.S.A. § 342(c). (Added 2005, No. 39, § 1; amended 2009, No. 115 (Adj. Sess.), § 2, eff. May 21, 2010; 2011, No. 136 (Adj. Sess.), § 7, eff. May 18, 2012.)