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2020 New Hampshire Revised Statutes
Title XXXVI - Pawnbrokers and Moneylenders
Title 399-D - Debt Adjustment Services
Section 399-D:17 - Provisions Applicable to Debt Repayment Plans Under This Chapter.
Universal Citation: NH Rev Stat § 399-D:17 (2020)
399-D:17 Provisions Applicable to Debt Repayment Plans Under This Chapter. –
I. If the debtor gives the licensee 30 days' written notice of cancellation and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
II. If the debtor willfully defaults by failing to pay the contractually obligated payments for a period of 30 days and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
III. The licensee shall notify the debtor's creditors or their attorneys in writing within 10 calendar days of cancellation.
I. If the debtor gives the licensee 30 days' written notice of cancellation and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
II. If the debtor willfully defaults by failing to pay the contractually obligated payments for a period of 30 days and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
III. The licensee shall notify the debtor's creditors or their attorneys in writing within 10 calendar days of cancellation.
Source. 2016, 151:1, eff. Jan. 1, 2017.
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