Vermont Issues Declared Rate for 2020

The Vermont Commissioner of Taxes recently issued a memo regarding the average prime loan rate charged by banks for 2020.  The declared rate is the basis for determining whether a loan is a high-rate/high-point loan under Vermont law.  For 2020, the declared rate is 5.5%.  This is effective on January 1, 2020, and applies to interest that accrues in the 2020 calendar year.

The memo establishing the declared rate for 2020 is available here.