Terms Used In Vermont Statutes > Title 9 > Chapter 67 - Pay-Per-Call Services

• Advertisements and promotions: include all forms of solicitation directed at prospective callers of pay-per-call services, including mailings and advertisements in newspapers and magazines and on radio and television. See
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Appraisal: A determination of property value.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Caller: means a person who accesses a pay-per-call service. See
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Devise: To gift property by will.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Forbearance: A means of handling a delinquent loan. A
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Pay-per-call service: means any passive, interactive, polling, conference, or other similar audiotext service that is accessed through a telephone number and that generates an audiotext service related fee billed to a subscriber. See
• Service of process: The service of writs or summonses to the appropriate party.
• Sponsor: means an individual, corporation, association, partnership, or other entity that sells or offers to sell a pay-per-call service to a person in this State and on whose behalf charges are billed, but shall not include a public utility regulated by the State or the Federal Communications Commission or an interexchange carrier which provides transport or billing and collection services for a pay-per-call service unless the public utility or interexchange carrier actually produces or advertises the pay-per-call service. See
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}