A bill to curb the abusive practices of credit card companies was passed by the legislature today! Peter, a sponsor of the bill, stated in a press release issued by the Senate Pro Tem’s office:
“Almost every Vermont family and store owner has a story to tell about one of the major credit card companies charging them exorbitant and unfair fees or leveraging unjust fines. This legislation will help the Vermont consumer and store owner by prohibiting these abusive practices.”
At the beginning of the session, Peter vowed to pass legislation that would help put Vermonters back to work. This bill will do just that by helping our struggling small businesses. The legislation will prevent credit card companies from centrally fixing fees, allow merchants to set a minimum or maximum for credit card purchases and offer discounts for cash payments, and prohibit credit card companies from fining merchants for their pricing displays.
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2 things:
When is someone going to say specifically that a “usuary rate” be established and what it should be? At one time i thought it was 12% but am probably just mistaken. I don’t think loan sharks charge over 20% which is what CC companies are doing. The only politician i have heard discuss this is Bernie Sanders.
A CC agreement should be one page long and understandable by 90% of readers in a randomized survey. Nobody but nobody reads the agreements that are sent out in the mail soliciting customers; it is like reading a legislative bill – but that’s another topic.