Terms Used In New Hampshire Revised Statutes > Chapter 361-A - Retail Installment Sales of Motor Vehicles

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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}
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• balloon contract: means a retail installment contract that contains a balloon payment feature. See New Hampshire Revised Statutes 361-A:1
• Balloon payment: means any retail installment contract repayment option under which:
  (a) The retail buyer is required to repay the entire amount of any outstanding balance as of a specified date or at the end of a specified period of time, as determined in accordance with the terms of the retail installment contract pursuant to which the credit is extended;
  (b) The aggregate amount of the minimum periodic payments required would not fully amortize such outstanding balance by such date or at the end of such period; and
  (c) The balloon payment is at least twice the amount of one periodic installment payment under a payment plan that provides for equal periodic installment payments during the term of the balloon contract that precedes the due date of the final balloon payment. See New Hampshire Revised Statutes 361-A:1
• Balloon retail installment contract: or "balloon contract" means a retail installment contract that contains a balloon payment feature. See New Hampshire Revised Statutes 361-A:1
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Branch office: means a business location within this state of a person required to be licensed under this chapter. See New Hampshire Revised Statutes 361-A:1
• 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
• Cash sale price: means the price stated in a retail installment contract for which the seller would have sold to the buyer, and the buyer would have bought from the seller, the motor vehicle which is the subject matter of the retail installment contract, if such sale had been a sale for cash instead of a retail installment transaction. See New Hampshire Revised Statutes 361-A:1
• Commissioner: means the bank commissioner. See New Hampshire Revised Statutes 361-A:1
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the banking department. See New Hampshire Revised Statutes 361-A:1
• Documentary fees: mean the fees for filing, recording or investigating, perfecting and releasing or satisfying a retained title or a lien created by a retail installment contract, and shall not exceed the actual cost assessed by the department of safety, division of motor vehicles, or other state or local agency for filing, recording or investigating, perfecting and releasing or satisfying such title or lien. See New Hampshire Revised Statutes 361-A:1
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• 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
• Financial services: or "financial services-related" means securities, commodities, banking, insurance, consumer lending, money transmission, debt adjustment, or real estate, including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage broker, mortgage servicer, real estate salesperson or agent, closing agent, title company, or escrow agent. See New Hampshire Revised Statutes 361-A:1
• financial services-related: means securities, commodities, banking, insurance, consumer lending, money transmission, debt adjustment, or real estate, including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage broker, mortgage servicer, real estate salesperson or agent, closing agent, title company, or escrow agent. 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.
• 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
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Indirect owner: means , with respect to direct owners and other indirect owners in a multilayered organization:
  (a) In the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25 percent or more of that corporation. See New Hampshire Revised Statutes 361-A:1
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• justice: when applied to a magistrate, shall mean a justice of a municipal court, or a justice of the peace having jurisdiction over the subject-matter. See New Hampshire Revised Statutes 21:12
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• 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
• 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
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, association, and any other group however organized. See New Hampshire Revised Statutes 361-A:1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• 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
• Principal office: means the main office location of a person required to be licensed under this chapter. See New Hampshire Revised Statutes 361-A:1
• Publicly traded: means a company whose securities are traded on a securities exchange system approved and supervised by the Securities and Exchange Commission, including but not limited to the NYSE, AMEX, BSE, and NASDAQ. See New Hampshire Revised Statutes 361-A:1
• real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
• registered mail: when used in connection with the requirement for notice by mail shall mean either registered mail or certified mail. See New Hampshire Revised Statutes 21:32-a
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retail buyer: or "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
• Retail installment contract: or "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
• Retail installment transaction: means any consumer credit transaction as defined in N. See New Hampshire Revised Statutes 361-A:1
• Retail seller: or "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
• road: shall include all bridges thereon. See New Hampshire Revised Statutes 21:26
• 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
• Service of process: The service of writs or summonses to the appropriate party.
• 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
• Subpoena: A command to a witness to appear and give testimony.
• Subpoena duces tecum: A command to a witness to produce documents.
• Summons: Another word for subpoena used by the criminal justice system.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.