New Hampshire Revised Statutes 361-A:2-b – Annual Report
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I. (a) Each sales finance company licensee shall file, under oath, an annual report through the Nationwide Multistate Licensing System and Registry on or before March 31 each year concerning operations for the preceding year or license period ending December 31 upon a form prescribed by the commissioner.
(b) A person who surrenders, withdraws, or does not renew a license shall file the annual report as required in subparagraph (a), notwithstanding the fact that he or she is not licensed on the date that the report is due.
(c) Each sales finance company shall also file, under oath, its financial statement through the Nationwide Multistate Licensing System and Registry within 90 days from the date of its fiscal year end. The financial statement shall be prepared in accordance with generally accepted accounting principles and shall include a balance sheet, income statement, statement of changes in owners’ equity, a cash flow statement, and note disclosures. If the financial statement is not audited, a certification statement shall be attached and signed by a duly authorized officer of the sales finance company. The certification statement shall state that the financial statement is true and accurate to the best of the officer’s belief and knowledge.
(d) In lieu of the requirements of subparagraph (c), licensees may submit copies of their most recent Securities and Exchange Commission Form 10-K and Form 10-Q statements.
II. The commissioner shall publish an analysis of the information required in the sales finance company’s annual report as part of the commissioner’s annual report.
III. Any sales finance company failing to file either the annual report or the financial statement required by this section within the time prescribed shall pay to the commissioner a penalty of $25 for each calendar day the annual report or financial statement is overdue to a maximum penalty of $2,500 per report or statement and shall be subject to suspension or revocation of its license.
IV. In addition to the annual report and financial statement required by this section, the commissioner may require such regular or special reports as the commissioner deems necessary to the proper supervision of licensees under this chapter.
V. A licensee who files an annual report under this section which fails to disclose or materially misstates retail installment contracts made during the reporting year may, after notice and opportunity for hearing pursuant to RSA 541-A, be subject to a fine of not more than $1,000 and to license revocation or suspension pursuant to N.H. Rev. Stat. § 361-A:3.
VI. Any officer, owner, manager or agent of any licensee and any person controlling or having a contract under which he or she has a right to control such a licensee, whether exclusively or otherwise, and any person with executive authority over or in charge of any segment of such a licensee’s affairs, shall reply promptly in writing, or in other designated form, to any written inquiry from the commissioner requesting a reply. The commissioner may require that any communication made to him or her under this section be verified.
(b) A person who surrenders, withdraws, or does not renew a license shall file the annual report as required in subparagraph (a), notwithstanding the fact that he or she is not licensed on the date that the report is due.
Terms Used In New Hampshire Revised Statutes 361-A:2-b
- Commissioner: means the bank commissioner. See New Hampshire Revised Statutes 361-A:1
- Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See New Hampshire Revised Statutes 361-A:1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Nationwide Multistate Licensing System and Registry: means a national licensing system and facility developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or their successors, for the licensing and registration of mortgage loan originators, mortgage lenders, mortgage servicers, mortgage brokers, and other non-depository financial service licensees, including retail sellers and sales finance companies. See New Hampshire Revised Statutes 361-A:1
- Oath: A promise to tell the truth.
- oath: shall include "affirmation" in all cases where by law an affirmation may be substituted for an oath; and, in like cases, the word "sworn" shall include the word "affirmed. See New Hampshire Revised Statutes 21:24
- Person: means an individual, partnership, corporation, association, and any other group however organized. See New Hampshire Revised Statutes 361-A:1
- Sales finance company: means a person engaged, in whole or in part, directly or indirectly, in the business of providing motor vehicle financing in this state to one or more retail buyers, or in the business of purchasing retail installment contracts from one or more retail sellers. See New Hampshire Revised Statutes 361-A:1
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(c) Each sales finance company shall also file, under oath, its financial statement through the Nationwide Multistate Licensing System and Registry within 90 days from the date of its fiscal year end. The financial statement shall be prepared in accordance with generally accepted accounting principles and shall include a balance sheet, income statement, statement of changes in owners’ equity, a cash flow statement, and note disclosures. If the financial statement is not audited, a certification statement shall be attached and signed by a duly authorized officer of the sales finance company. The certification statement shall state that the financial statement is true and accurate to the best of the officer’s belief and knowledge.
(d) In lieu of the requirements of subparagraph (c), licensees may submit copies of their most recent Securities and Exchange Commission Form 10-K and Form 10-Q statements.
II. The commissioner shall publish an analysis of the information required in the sales finance company’s annual report as part of the commissioner’s annual report.
III. Any sales finance company failing to file either the annual report or the financial statement required by this section within the time prescribed shall pay to the commissioner a penalty of $25 for each calendar day the annual report or financial statement is overdue to a maximum penalty of $2,500 per report or statement and shall be subject to suspension or revocation of its license.
IV. In addition to the annual report and financial statement required by this section, the commissioner may require such regular or special reports as the commissioner deems necessary to the proper supervision of licensees under this chapter.
V. A licensee who files an annual report under this section which fails to disclose or materially misstates retail installment contracts made during the reporting year may, after notice and opportunity for hearing pursuant to RSA 541-A, be subject to a fine of not more than $1,000 and to license revocation or suspension pursuant to N.H. Rev. Stat. § 361-A:3.
VI. Any officer, owner, manager or agent of any licensee and any person controlling or having a contract under which he or she has a right to control such a licensee, whether exclusively or otherwise, and any person with executive authority over or in charge of any segment of such a licensee’s affairs, shall reply promptly in writing, or in other designated form, to any written inquiry from the commissioner requesting a reply. The commissioner may require that any communication made to him or her under this section be verified.