New Hampshire Revised Statutes 358-P:7 – Prohibited Practices
Current as of: 2023 | Check for updates
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I. A rent-to-own agreement shall not contain:
(a) A confession of judgment.
(b) A negotiable instrument.
(c) A security interest or any other claim of a property interest in any property of the consumer.
(d) A wage assignment.
(e) A waiver by the consumer of claims or defenses.
(f) A provision authorizing the rent-to-own dealer or a person acting on the rent-to-own dealer’s behalf to enter upon the consumer’s premises without permission or to commit any breach of the peace in the repossession of property.
(g) A provision requiring the purchase of insurance or liability damage waiver for the property that is the subject of the rent-to-own agreement from the rent-to-own dealer or requiring such purchase from a particular vendor. The rent-to-own dealer may, however, require that the consumer purchase insurance or a liability damage waiver for the rental property from a vendor of the consumer’s choosing.
(h) A provision requiring the consumer to make a payment in addition to regular rental payments in order to acquire ownership of the rental property, or a provision requiring the consumer to make rental payments totaling more than the dollar amount necessary to acquire ownership as disclosed pursuant to N.H. Rev. Stat. § 358-P:4.
(i) A provision requiring a late charge or reinstatement fee unless a periodic payment is late more than 5 days on a monthly agreement or more than 2 days on an agreement with periodic payments made more frequently than monthly.
(j) A provision for a late charge or reinstatement fee in excess of $5.
(k) A provision for more than one late charge or reinstatement fee on any one periodic payment regardless of the period of time during which it remains unpaid.
II. No rent-to-own dealer shall collect or attempt to collect a debt in an unfair, deceptive or unreasonable manner as defined in RSA 358-C.
(a) A confession of judgment.
Terms Used In New Hampshire Revised Statutes 358-P:7
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(b) A negotiable instrument.
(c) A security interest or any other claim of a property interest in any property of the consumer.
(d) A wage assignment.
(e) A waiver by the consumer of claims or defenses.
(f) A provision authorizing the rent-to-own dealer or a person acting on the rent-to-own dealer’s behalf to enter upon the consumer’s premises without permission or to commit any breach of the peace in the repossession of property.
(g) A provision requiring the purchase of insurance or liability damage waiver for the property that is the subject of the rent-to-own agreement from the rent-to-own dealer or requiring such purchase from a particular vendor. The rent-to-own dealer may, however, require that the consumer purchase insurance or a liability damage waiver for the rental property from a vendor of the consumer’s choosing.
(h) A provision requiring the consumer to make a payment in addition to regular rental payments in order to acquire ownership of the rental property, or a provision requiring the consumer to make rental payments totaling more than the dollar amount necessary to acquire ownership as disclosed pursuant to N.H. Rev. Stat. § 358-P:4.
(i) A provision requiring a late charge or reinstatement fee unless a periodic payment is late more than 5 days on a monthly agreement or more than 2 days on an agreement with periodic payments made more frequently than monthly.
(j) A provision for a late charge or reinstatement fee in excess of $5.
(k) A provision for more than one late charge or reinstatement fee on any one periodic payment regardless of the period of time during which it remains unpaid.
II. No rent-to-own dealer shall collect or attempt to collect a debt in an unfair, deceptive or unreasonable manner as defined in RSA 358-C.