New Hampshire Modifies Banking, Consumer Credit, and Licensing Provisions
Banking and Consumer Credit Provisions
New Hampshire has amended provisions regarding the applicability of various banking and consumer credit laws. These changes are effective as of August 7, 2018.
Advertising Motor Vehicles
Provisions regarding the advertisement of motor vehicles have been amended. Under these new provisions, the banking department may review advertisements of motor vehicles within three years of the date the advertisement is advertised. The previous prevision did not place any time constraints on the banking department’s right to review advertisements.
Payment Books
The provisions regarding payday loans and payment books has also been modified. Under the new provisions, the previously enforced requirement that a payment book provided to a borrower contain an interest calculation has been eliminated.
For the full text of House Bill 1687, please refer to https://legiscan.com/NH/text/HB1687/id/1790628/New_Hampshire-2018-HB1687-Enrolled.html.
Licensing Provisions
New Hampshire has amended its provisions regarding licensing provisions. These changes are effective as of August 7, 2018.
Under this bill, certain individuals who are not regularly engaged in business as mortgage bankers, mortgage brokers, mortgage servicers, and mortgage originators in a commercial context are exempt from regulation. There is now a rebuttable presumption that an individual is not engaged in the business of a mortgage banker, broker, servicer, or originator if he or she is involved in three or fewer loans in a consecutive 12-month period.
For the full text of Senate Bill 314, please refer to http://gencourt.state.nh.us/bill_status/billText.aspx?id=1823&txtFormat=html&sy=2018.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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