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Vermont committee debates 10% ticket-resale cap and carve-outs for face-value platforms
Summary
Witnesses told the House Commerce & Economic Development Committee on Feb. 3 that a 10% cap on resale markups would protect consumers but could make face-value platforms unsustainable unless the law exempts partnered services. Lawmakers discussed a possible higher cap for contracted partnerships and will hear more testimony Friday.
Brando Rich, founder and CEO of CashorTrade.org, told the House Committee on Commerce & Economic Development on Feb. 3 that Vermont’s proposed 10% cap on resale markups must distinguish predatory brokers from bona fide face-value resale platforms.
Rich said Cash or Trade operates as a face-value secondary market that charges buyers a 10% platform fee and a 3% credit-card processing fee while charging sellers nothing. “We don't charge the seller at all. We charge the buyer 10%, but there's a 3% credit card fee,” he said, urging lawmakers to exempt partnered face-value platforms from strict percentage caps so those services can cover costs for fraud protection, escrow, and liability.
The testimony framed the committee’s debate:…
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