New Vermont law regulates credit card terminal leases
MONTPELIER, Vt. (AP) — A new Vermont law places further regulations on companies leasing credit card terminals to small businesses.
Attorney General T.J. Donovan said Tuesday that the new law, which took effect July 1, will give small business more information about the terms of a credit card terminal lease, the cost of the equipment and allow businesses to cancel the lease for 45 days.
Donovan said credit card terminals typically cost a few hundred dollars to purchase, but leases can run into the thousands of dollars, are not cancellable and extend for four years.
Donovan added the most common type of complaint received from businesses by the Attorney General’s Consumer Assistance Program regarded credit card terminal leases.