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:19 - Title Loan Renewals.
I. A title loan shall be for an original term of no more than one month.
II. A title loan lender may allow such loan to be renewed no more than 10 additional periods each equal to the original term, provided however, that at each such renewal the borrower shall pay at least 10 percent of the title loan's original principal balance in addition to any finance charge owed, to reduce the principal balance outstanding.
III. If the borrower cannot pay this principal reduction at any renewal, the title loan lender may either: (a) declare the borrower in default; or (b) allow the loan to be renewed, provided that the lender shall reduce the current principal amount of the loan by 10 percent of the original principal amount for the purposes of calculating interest thereafter. This reduction in principal shall continue to be owed by the borrower, but such amount shall not be entitled to accrue interest thereafter.
IV. No accrued interest shall be capitalized or added to the principal of the title loan at the time of any renewal.
Source. 2015, 73:1, eff. Jan. 1, 2016.
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