2010 New Hampshire Statutes
TITLE XXXVI PAWNBROKERS AND MONEYLENDERS
CHAPTER 399-D DEBT ADJUSTMENT SERVICES
Section 399-D:2 Definitions.
399-D:2 Definitions. In this chapter:
I. "Branch office'' means a business location within this state of a person required to be licensed under this chapter. Branch office does not include a person's principal office location.
II. "Commissioner'' means the bank commissioner.
II-a. "Control'' means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. Any person is presumed to control a company if such person:
(a) Is a director, general partner, or executive officer;
(b) Directly or indirectly has the right to vote 10 percent or more of a class of a voting security or membership interest, or has the power to sell or direct the sale of 10 percent or more of a class of voting securities or membership interest;
(c) In the case of a limited liability company, is a managing member; or
(d) In the case of a partnership, has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital.
III. "Creditor'' means a person who regularly extends credit that is subject to an interest or other charge or is payable, by written agreement, in more than 4 installments.
IV. "Debt adjustment'' means:
(a) Providing debt management advice or counseling to consumers for direct or indirect compensation;
(b) Creating debt management plans for consumers for direct or indirect compensation;
(c) Negotiating with one or more creditors on behalf of a consumer for direct or indirect compensation; or
(d) Receiving, for a fee or compensation and as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.
(e) A person otherwise engaging in the debt adjustment business including but not limited to acting upon outstanding debt adjustment contracts is providing debt adjustment within the intent of this chapter.
V. "Debtor'' means a person who owes or is obligated to another or others.
V-a. "Department'' means the banking department.
V-b. "Direct owner'' means any person, including individuals, that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of 10 percent or more of the applicant or licensee.
V-c. "Financial services'' or "financial services-related'' means securities, commodities, banking, insurance, consumer lending, money transmission, debt adjustment, or real estate, including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage broker, mortgage servicer, real estate salesperson or agent, closing agent, title company, or escrow agent.
V-d. "Indirect owner'' means, with respect to direct owners and other indirect owners in a multilayered organization:
(a) In the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25 percent or more of that corporation.
(b) In the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25 percent or more of the partnership's capital.
(c) In the case of an owner that is a trust, the trust, each trustee, and each beneficiary of 25 percent or more of the trust.
(d) In the case of an owner that is a limited liability company ("LLC''):
(1) Those members that have the right to receive upon dissolution, or have contributed, 25 percent or more of the LLC's capital; and
(2) If managed by elected managers, all elected managers.
(e) In the case of an indirect owner, the parent owners of 25 percent or more of their subsidiary.
VI. "Licensee'' means a person duly licensed by the commissioner under the provisions of this chapter.
VII. "Person'' means an individual, corporation, partnership, limited liability company, association, joint stock company, trust, unincorporated organization, or any other entity.
VII-a. "Principal'' of the applicant or licensee means an owner with 10 percent or more ownership interest, corporate officer, director, member, general or limited liability partner, limited partner with 10 percent or more ownership interest, trustee, beneficiary of 10 percent or more of the trust that owns the applicant or licensee, indirect owner, senior manager, New Hampshire branch manager, and any person occupying similar status or performing similar functions.
VIII. "Principal office'' means the main office location of a person required to be licensed under this chapter.
IX. "Publicly traded'' means a company whose securities are traded on a securities exchange system approved and supervised by the Securities and Exchange Commission, including but not limited to the NYSE, AMEX, BSE, and NASDAQ. The term also includes a public reporting company that is subject to sections 12 or 15(d) of the Securities Exchange Act of 1934.
Source. 2004, 230:1. 2005, 255:67, 68, eff. Sept. 12, 2005. 2006, 303:30, 31, eff. Aug. 18, 2006. 2007, 343:3, eff. July 1, 2007. 2008, 205:43, eff. Aug. 15, 2008. 2009, 204:21, 28, 32, eff. Sept. 13, 2009. 2010, 234:11, eff. July 1, 2010.
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