2015 New Hampshire Revised Statutes
Title XXXVI - PAWNBROKERS AND MONEYLENDERS
Chapter 399-A - REGULATION OF SMALL LOANS, TITLE LOANS, AND PAYDAY LOANS
Section 399-A:14 - Provisions Applicable to Title Loan Lenders.

NH Rev Stat § 399-A:14 (2015) What's This?


[RSA 399-A:14 effective until January 1, 2016; see also RSA 399-A:14 set out below.]
    399-A:14 Provisions Applicable to Title Loan Lenders. –
    A title loan lender shall not:
    I. Charge the consumer more than one fee for dishonored checks when the consumer issues more than one check to the lender. However, the title loan lender may recover from the consumer any fee charged to the lender by an unaffiliated financial institution for each dishonored check.
    II. Make more than one outstanding loan that is secured by one title.
    III. Make a title loan without providing the borrower within the title loan agreement the right to cancel the title loan at any time before the close of business of the next business day following the date of the transaction by repaying to the lender in cash the amount advanced to the borrower.
    IV. Offer, advertise, or make a loan with a rate of interest that is lower in the original period than in subsequent renewals.
    V. Make a loan to a borrower who currently has an outstanding or who has had an outstanding payday or title loan within the previous 60-day period. As part of its application process for such a loan, a lender shall obtain a written statement under oath from the borrower certifying the borrower does not currently have an outstanding and has not had an outstanding payday loan or title loan within the previous 60-day period.
    VI. Charge interest at higher than 25 percent per month, however actual costs incurred by the lender pursuant to RSA 399-A:11, XI may be passed through to the borrower.
    399-A:14 Prohibitions; Fraud and Dishonesty. --
    I. No person in connection with engaging in the business of a small loan lender, directly or indirectly shall:
       (a) Employ any device, scheme, or artifice to defraud;
       (b) Make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
       (c) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person;
       (d) Make fraudulent misrepresentations or circumvent or conceal any material information required to be provided to a borrower under the provisions of this chapter; or
       (e) Engage in dishonest or unethical practices in conducting the business of making or collecting small loans.
    II. No person shall make or cause to be made in any document filed under this chapter or in any proceeding under this chapter:
       (a) Any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect; or
       (b) In connection with such statement, to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.

Source. 2015, 73:1, eff. Jan. 1, 2016.


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