New Hampshire Revised Statutes 399-A:18 – Title Loan Lenders
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I. No title loan lender shall:
(a) Charge the consumer more than one fee for dishonored checks when the consumer issues more than one check to the title loan lender. However, the title loan lender may recover from the consumer any fee charged to the lender by an unaffiliated financial institution for each dishonored check.
(b) Make more than one outstanding title loan that is secured by one title.
(c) Make a title loan without providing the borrower within the title loan agreement the right to cancel the title loan at any time before the close of business of the next business day following the date of the transaction by repaying to the title loan lender in cash the amount advanced to the borrower.
(d) Offer, advertise, or make a title loan with a rate of interest that is lower in the original period than in subsequent renewals.
(e) Make a title loan to a borrower who currently has or had an outstanding payday or title loan within the previous 60 day period. As part of its application process for such a title loan, a title loan lender shall obtain a written statement under oath from the borrower certifying the borrower does not currently have an outstanding and has not had an outstanding payday loan or title loan within the previous 60-day period.
(f) Charge interest at higher than 25 percent per month, however actual costs incurred by the title loan lender pursuant to N.H. Rev. Stat. § 399-A:15, XI may be passed through to the borrower.
II. Each title loan lender shall maintain an office in this state that is accessible to consumers.
(a) Charge the consumer more than one fee for dishonored checks when the consumer issues more than one check to the title loan lender. However, the title loan lender may recover from the consumer any fee charged to the lender by an unaffiliated financial institution for each dishonored check.
Terms Used In New Hampshire Revised Statutes 399-A:18
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- 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
- 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
(b) Make more than one outstanding title loan that is secured by one title.
(c) Make a title loan without providing the borrower within the title loan agreement the right to cancel the title loan at any time before the close of business of the next business day following the date of the transaction by repaying to the title loan lender in cash the amount advanced to the borrower.
(d) Offer, advertise, or make a title loan with a rate of interest that is lower in the original period than in subsequent renewals.
(e) Make a title loan to a borrower who currently has or had an outstanding payday or title loan within the previous 60 day period. As part of its application process for such a title loan, a title loan lender shall obtain a written statement under oath from the borrower certifying the borrower does not currently have an outstanding and has not had an outstanding payday loan or title loan within the previous 60-day period.
(f) Charge interest at higher than 25 percent per month, however actual costs incurred by the title loan lender pursuant to N.H. Rev. Stat. § 399-A:15, XI may be passed through to the borrower.
II. Each title loan lender shall maintain an office in this state that is accessible to consumers.