New Hampshire Revised Statutes 361-A:8 – Finance Charge
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I. Notwithstanding the provisions of any other law, the finance charge on any retail installment contract under this chapter shall be such as may be agreed upon by the buyer and the seller or by the buyer and the sales finance company.
II. Such finance charge shall be computed on the principal balance as determined under paragraph II of N.H. Rev. Stat. § 361-A:7 on contracts payable in successive monthly payments substantially equal in amount. Such finance charge may be computed on the basis of a full month for any fractional month period in excess of 10 days. A minimum finance charge of $25 may be charged on any retail installment transaction.
III. When a retail installment contract provides for unequal or irregular installment payments, the finance charge may be at the effective rates permitted in paragraph I, having due regard for the schedule of payments so that the finance charge may provide the same yield as is permitted in a regular payment transaction.
IV. Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.
II. Such finance charge shall be computed on the principal balance as determined under paragraph II of N.H. Rev. Stat. § 361-A:7 on contracts payable in successive monthly payments substantially equal in amount. Such finance charge may be computed on the basis of a full month for any fractional month period in excess of 10 days. A minimum finance charge of $25 may be charged on any retail installment transaction.
Terms Used In New Hampshire Revised Statutes 361-A:8
- buyer: means a person who buys a motor vehicle from a retail seller and who executes a retail installment contract either with the retail seller or with any lender. See New Hampshire Revised Statutes 361-A:1
- Contract: A legal written agreement that becomes binding when signed.
- contract: means an agreement pursuant to which the title to, the property in, or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a sales finance company indirectly from a retail seller or directly from a retail buyer, as security, in whole or in part, for the retail buyer's obligation. See New Hampshire Revised Statutes 361-A:1
- 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
- Finance charge: means the amount agreed upon between the buyer and the seller, as limited in this chapter, to be added to the cash sale price, the amount, if any, included for insurance and other benefits, if a separate charge is made therefor, and documentary fees, in determining the time price. See New Hampshire Revised Statutes 361-A:1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. Source: Federal Reserve
- month: shall mean a calendar month, and the word "year" a calendar year, unless otherwise expressed; and the word "year" shall be equivalent to the expression "year of our Lord. See New Hampshire Revised Statutes 21:8
- Motor vehicle: means any device propelled or drawn by any power other than muscular power, in, upon or by which any person or property is or may be transported or drawn upon a highway, excepting power shovels, road machinery, buses, agricultural machinery, house and boat trailers, all-terrain vehicles, snowmobiles, and similar recreational vehicles designed primarily for off-road use. See New Hampshire Revised Statutes 361-A:1
- Principal: of the applicant or licensee means an owner with 10 percent or more ownership interest, corporate officer, director, member, general or limited liability partner, limited partner with 10 percent or more ownership interest, trustee, beneficiary of 10 percent or more of the trust that owns the applicant or licensee, indirect owner, senior manager, New Hampshire branch manager, and any person occupying similar status or performing similar functions. See New Hampshire Revised Statutes 361-A:1
- Retail installment transaction: means any consumer credit transaction as defined in N. 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
- seller: means a person who sells a motor vehicle in this state subject to a retail installment contract. See New Hampshire Revised Statutes 361-A:1
III. When a retail installment contract provides for unequal or irregular installment payments, the finance charge may be at the effective rates permitted in paragraph I, having due regard for the schedule of payments so that the finance charge may provide the same yield as is permitted in a regular payment transaction.
IV. Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.