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Vermont Statutes Title 9. Commerce and Trade, § 3903. Disclosures

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A rental agreement shall contain the following:

(1) the name and address of the owner and occupant;

(2) the actual monthly occupancy charge, rent, or lease amount for the storage space provided, expressed in dollars;

(3)(A) disclosure of the charges the owner may impose for the occupancy;

(B) a description of the charges, including any security deposit and the conditions for retaining or returning the deposit;

(C) whether the charges are mandatory or optional; and

(D) the amount of each charge, expressed in dollars;

(4) a provision that states:

(A) whether property stored in the storage space is insured by the owner against loss or damage;

(B) the requirement that the occupant must provide his or her own insurance for any property stored; and

(5) notice to an occupant that:

(A) this chapter creates a lien on property stored in the storage space;

(B) the owner may sell the property stored in the storage space to satisfy the lien;

(C) the owner is not liable for damage, loss, or alienation of items of sentimental nature or value; and

(D) if the owner offers notice by electronic mail, the occupant may elect to receive notice by electronic mail only by indicating the election in the rental agreement.

(b) If a rental agreement contains a limit on the value of property that may be stored in a storage space, the limit is deemed to be the maximum value of the property in the storage space and the maximum liability of the owner for any claim.

(c)(1) An owner may impose a late fee of not more than $20.00 or 20 percent of a rental payment, whichever is greater, for each service period that an occupant does not pay the rent, charges, fees, or expenses when due.

(2) An owner shall not impose a late fee if the occupant pays the rent, charges, fees, and expenses in full not later than five days after the due date.

(3) An owner shall not impose a late fee unless the amount of the fee and the conditions for imposing that fee are stated in the rental agreement.

(d) Except as otherwise provided in a rental agreement, an occupant has the exclusive care, custody, and control of property in a storage space until the property is sold or otherwise disposed pursuant to this chapter.

(e) The disclosures required under subdivisions (a)(4) and (a)(5) and subsections (b)-(d) of this section shall be written in bold type and of a font size equal to or greater than the general text of the agreement.

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Cite this article: FindLaw.com - Vermont Statutes Title 9. Commerce and Trade, § 3903. Disclosures - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-9-commerce-and-trade/vt-st-tit-9-sect-3903/

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