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Senate advances consumer protections for coerced debt and grants banks temporary holds to curb exploitation
Summary
H.385 establishes a coerced‑debt framework under Vermont’s Consumer Protection Act, provides creditors and debtors defined workflows and remedies, and authorizes banks to place short transaction holds to investigate suspected financial exploitation; several provisions take effect on passage while coerced‑debt remedies are phased in through 2028.
The Senate ordered third reading of H.385 after a detailed floor report describing two linked consumer‑protection packages: new coerced‑debt protections for survivors of abuse and a bank transaction‑hold authority to address suspected financial exploitation.
Senator Ulick (reporting for Finance) said the coerced‑debt subchapter (chapter 24 95a in the bill) defines coerced debt, lays out documentation that can support a claim (law enforcement reports, sworn certifications from qualified professionals), provides a model sworn certification and establishes a timeline for creditor response: within 10…
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