Vermont Statutes Annotated

Vt. Stat. Ann. tit. 09, § 46 (2026)

✓ current as of May 2026

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Subchapter 001 : INTEREST GENERALLY

(Cite as: 9 V.S.A. § 46)

§ 46. Exceptions

Section 43 of this title, relating to deposit requirements, and section 45 of this title, relating to prepayment penalties, shall not apply and the parties may contract for a rate of interest in excess of the rate provided in section 41a of this title in the case of:

(1) obligations of corporations, including municipal and nonprofit corporations; or

(2) obligations incurred by any person, partnership, association, or other entity to finance in whole or in part income-producing business or activity, but not including obligations incurred to finance family dwellings of four units or fewer when used as a residence by the borrower or to finance real estate that is devoted to agricultural purposes as part of an operating farming unit when used as a residence by the borrower; or

(3) obligations to finance the purchase, construction, or improvement of property for seasonal or part-time occupancy and not as a place of legal residence; or

(4) obligations guaranteed or insured by the United States of America or any agency thereof. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968; amended 1969, No. 66, § 3, eff. April 17, 1969; 1973, No. 222 (Adj. Sess.), § 6, eff. April 3, 1974; 1975, No. 216 (Adj. Sess.), § 5, eff. March 27, 1976; 2009, No. 134 (Adj. Sess.), § 24i.)

Notes of Decisions

Cited in 7 cases, 1983–2020 · leading case: R&G Props., Inc. v. Column Fin., Inc., 2008 VT 113 (Vt. 2008).

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R&G Props., Inc. v. Column Fin., Inc., 2008 VT 113 (Vt. 2008). “Vermont law generally prohibits prepayment penalties or fees, 9 V.”

R. Brown & Sons, Inc. v. Credit All. Corp., 473 A.2d 1168 (Vt. 1984). “the parties may contract for a rate of interest in excess of the rate provided in .”

Klein v. Wolf Run Resort, Inc., 659 A.2d 1153 (Vt. 1995). · cites it 2× “(b) Any contract of loan not invalid for any other reason, in the making or collection of which any act shall have been done which constitutes an offense under this section, shall be void and the lender shall have no right to collect or receive any principal, interest, or…”

Birch Wood Inc. v. Northborough Capital Partners, LLC (Bankr. D. Vt. 2020). · cites it 3× “This singles out for summary judgment, on this claim, the question of whether there is a genuine dispute of material fact whether the Property was “owner occupied” and, if there is no dispute it was not owner occupied, whether one of the three applicable descriptions set forth…”

Peragallo v. Sklat, 466 A.2d 1200 (Conn. Super. Ct. 1983). “” Vt. Stat. Ann. tit. 9, § 46 (3). 2 It should be noted that in Santoro v.”

R & G Props. v. Column Fin. (Vt. Super. Ct. 2005). “The agreement provides prepayment penalties, permitted under 9 V.S.A. § 46, and allows the release of collateral on compliance with defeasance conditions the legality of which Plaintiff does not specifically challenge.”

H. A. Eddy Oil Co. v. St. Peter, 542 A.2d 257 (Vt. 1987). “9 V.S.A. § 46(2). Having done so, defendants may not now complain of the agreed-upon rate of interest represented by the late payment charges.”

— Vt. Stat. Ann. tit. 09, § 46(1) — 2 cases

Klein v. Wolf Run Resort, Inc., 659 A.2d 1153 (Vt. 1995). “(b) Any contract of loan not invalid for any other reason, in the making or collection of which any act shall have been done which constitutes an offense under this section, shall be void and the lender shall have no right to collect or receive any principal, interest, or…”

Birch Wood Inc. v. Northborough Capital Partners, LLC (Bankr. D. Vt. 2020). “This singles out for summary judgment, on this claim, the question of whether there is a genuine dispute of material fact whether the Property was “owner occupied” and, if there is no dispute it was not owner occupied, whether one of the three applicable descriptions set forth…”

— Vt. Stat. Ann. tit. 09, § 46(2) — 2 cases

R&G Props., Inc. v. Column Fin., Inc., 2008 VT 113 (Vt. 2008). “Vermont law generally prohibits prepayment penalties or fees, 9 V.”

H. A. Eddy Oil Co. v. St. Peter, 542 A.2d 257 (Vt. 1987). “9 V.S.A. § 46(2). Having done so, defendants may not now complain of the agreed-upon rate of interest represented by the late payment charges.”

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