2009 New Hampshire Statutes
TITLE XXXVI — PAWNBROKERS AND MONEYLENDERS (Includes Chapters 398 - 399-G)
CHAPTER 399-D — DEBT ADJUSTMENT SERVICES
Section 399-D:14 Fees of Licensee.

    I. The fees of the licensee shall be agreed upon in advance and stated in the contract, and provision for settlement in case of cancellation or prepayment shall be clearly stated in the contract. Fees shall be amortized equally each month over the length of the contract and no licensee shall be entitled to any fee until the contract has been in full force for 30 days and thereafter the monthly amortized amount may be applied to charges at 30-day intervals, while the contract is in full force and effect, except in the event of prepayment or cancellation. No licensee shall be entitled to any fee against the debtor, upon any contract, until the debt adjustment program is arranged and approved by the debtor. A contract shall not be effective until a debtor has made a payment to the licensee for distribution to his creditors. The licensee may request a deposit not to exceed $25 upon the signing of the contract. Said deposit shall be held in escrow by the licensee. In the event that the debtor fulfills the conditions of the contract, the deposit shall be returned. In the event that the debtor fails to make payment in accordance with the contract for a period in excess of 60 days, the deposit shall be forfeited.
    II. A licensee shall not receive any fee unless he or she has the written consent of such number of creditors as hold obligations representing at least 25 percent of the total amount of indebtedness and 25 percent of the total number of the creditors listed in the licensee's contract with the debtor, or unless a like number of creditors have accepted a distribution of payment. Creditors or their attorneys shall have access to all records relative to such consent for verification.
    III. The fees received by a licensee shall be based on the amount required to pay indebtedness and shall not exceed:
       (a) 10 percent when the plan of payment is for a period of 10 months or less;
       (b) 12 1/2 percent when the plan of payment is for a period of more than 10 months but less than 18 months; and
       (c) 15 percent when the plan of payment is for a period of 18 months or more.
    IV. In the event of prepayment of the listed debts, or cancellation by the debtor upon 30 days' written notice to the licensee, or cancellation by the licensee after willful default for more than 30 days by the debtor, and if the licensee has performed all of the services required by this chapter and by the terms of the contract, the licensee shall be entitled to a cancellation charge which is 5 percent of that portion of the agreed service charge which is due and unpaid for the unexpired term of the contract as of the time of such prepayment or cancellation, but in no event more than $50. Within 10 days of cancellation, the licensee shall notify the creditors of the debtor or their attorneys in writing of the cancellations.
    V. The dollar amount of any direct or indirect remuneration that is or will be received for debt adjustment services from parties other than the consumer shall be disclosed and agreed to in writing by the consumer prior to execution of a debt adjustment contract or agreement by the consumer.

Source. 2004, 230:1, eff. Sept. 9, 2004. 2009, 204:25, eff. Sept. 13, 2009.