New Hampshire Revised Statutes 399-C:1-a – Inducement Check Disclosure
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No person subject to the provisions of this chapter shall induce any potential borrower who is not a loan customer of the person to enter into a closed-end loan agreement, by delivering in the first instance a negotiable check for such loan to such potential borrower, without including the following information clearly printed on the endorsement side of the check:
I. A statement which reads, “By endorsing this check, you become legally liable for repaying all moneys, including interest, as specified in the following loan agreement/disclosure statement”;
II. The amount financed;
III. The annual percentage rate;
IV. The number of installments; and
V. The amount of each installment payment.
I. A statement which reads, “By endorsing this check, you become legally liable for repaying all moneys, including interest, as specified in the following loan agreement/disclosure statement”;
Terms Used In New Hampshire Revised Statutes 399-C:1-a
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- 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
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
II. The amount financed;
III. The annual percentage rate;
IV. The number of installments; and
V. The amount of each installment payment.