New Hampshire Revised Statutes 358-C:1 – Definitions
Current as of: 2023 | Check for updates
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In this chapter:
I. “Consumer” means a natural person who seeks or acquires, or is offered property, services or credit for personal, family or household purposes.
II. “Consumer credit transaction” means a transaction between a creditor and a consumer in which real or personal property, services, money or a form of money is acquired on credit and the consumer’s obligation is payable in 4 or more installments or for which credit a finance charge is or may be imposed. The term includes consumer credit sales, consumer loans, consumer leases of personal property and transactions pursuant to a seller or lender credit card, but shall not include leases of real property.
III. “Consumer transaction” means a transaction between a consumer and a person who sells, leases or provides property, services or credit to consumers. The term shall not include leases of real property.
IV. “Creditor” means a person who in the ordinary course of business engages in consumer credit transactions with consumers.
V. “Credit” means the right granted by a person to a consumer to defer payment of a debt, to incur debt and defer its payment, or purchase property or services and defer payment therefor.
VI. “Debt” means any obligation or alleged obligation arising out of a consumer transaction.
VII. “Debtor” means a person who owes or allegedly owes an obligation arising out of a consumer transaction.
VIII. “Debt collector” means:
(a) Any person who by any direct or indirect action, conduct or practice enforces or attempts to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer credit transaction; or
(b) Any person who, for any fee, commission or charge other than wages or salary, engages in any direct or indirect action, conduct or practice to enforce or attempt to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer transaction; or
(c) Any person who, pursuant to an assignment, sale or transfer of a claim against a consumer, engages in any direct or indirect action, conduct or practice to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer transaction.
IX. “Finance charge” means a charge such as interest, fees, service charges, discounts and other charges associated with the extension of credit.
X. “Person” means an individual, corporation, trust, partnership, incorporated or unincorporated association or any other legal entity.
I. “Consumer” means a natural person who seeks or acquires, or is offered property, services or credit for personal, family or household purposes.
Terms Used In New Hampshire Revised Statutes 358-C:1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
II. “Consumer credit transaction” means a transaction between a creditor and a consumer in which real or personal property, services, money or a form of money is acquired on credit and the consumer’s obligation is payable in 4 or more installments or for which credit a finance charge is or may be imposed. The term includes consumer credit sales, consumer loans, consumer leases of personal property and transactions pursuant to a seller or lender credit card, but shall not include leases of real property.
III. “Consumer transaction” means a transaction between a consumer and a person who sells, leases or provides property, services or credit to consumers. The term shall not include leases of real property.
IV. “Creditor” means a person who in the ordinary course of business engages in consumer credit transactions with consumers.
V. “Credit” means the right granted by a person to a consumer to defer payment of a debt, to incur debt and defer its payment, or purchase property or services and defer payment therefor.
VI. “Debt” means any obligation or alleged obligation arising out of a consumer transaction.
VII. “Debtor” means a person who owes or allegedly owes an obligation arising out of a consumer transaction.
VIII. “Debt collector” means:
(a) Any person who by any direct or indirect action, conduct or practice enforces or attempts to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer credit transaction; or
(b) Any person who, for any fee, commission or charge other than wages or salary, engages in any direct or indirect action, conduct or practice to enforce or attempt to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer transaction; or
(c) Any person who, pursuant to an assignment, sale or transfer of a claim against a consumer, engages in any direct or indirect action, conduct or practice to enforce an obligation that is owed or due, or alleged to be owed or due, by a consumer as a result of a consumer transaction.
IX. “Finance charge” means a charge such as interest, fees, service charges, discounts and other charges associated with the extension of credit.
X. “Person” means an individual, corporation, trust, partnership, incorporated or unincorporated association or any other legal entity.