Hearing on DFR Proposed Rule Announced Posted by Association of Vermont Credit Unions on 1:37 PM

Vermont's Department of Financial Regulation has filed the proposed rule to revise Banking Bulletin #28, Vermont Disclosure Relating To Amount To Be Financed In A Motor Vehicle Retail Installment Contract As Required By 9 V.S.A. Section 2355(f)(1)(J) And Relating to Department of Motor Vehicles Dealer's Vehicle Record Log Sheet with the Vermont Secretary of State.

A public hearing is scheduled for August 4, 2016 at 11:00 A.M. in the 3rd floor conference room at the VT Department of Financial Regulation, City Center, 89 Main Street, Montpelier, VT 05620-3101.

The purpose of revising the rule is to clarify the meaning and calculation of the term “Cash Price” which is defined in both state and federal law.  Under the proposed rule, creditors may calculate the Cash Price as permitted under federal law, but requires that certain optional items be disclosed and deducted for purposes of calculating negative equity on the Disclosure Form.

The proposed rule, if enacted would supercede Banking Bulletin #28.

The deadline for comments on the proposed rule is August 12, 2016.   Questions and comments may be directed to Karla Nuissl at 828-2963 or Karla.Nuissl@vermont.gov .

The proposed rule is available for review online.