RSA 361-A:17 · Requirements and Prohibitions as to Origination and Funding of Loans

361-A:17 Requirements and Prohibitions as to Origination and Funding of Loans. –

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I.

The borrower shall be given a copy of all fully executed documents related to the transaction.

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II.

No charge for any examination, service, brokerage, commission, or other fee shall be directly or indirectly made or contracted for except the lawful fees, if any, actually and necessarily paid out by the lender to any public officer, for filing or recording in any public office any instrument securing such loan, which fees may be collected when such loan is made, or at any time thereafter and except the reasonable costs, charges, and expenses, including court costs actually incurred in connection with a repossession of the security or an actual sale of the security in foreclosure proceedings or upon entry of judgment.

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III.

If any equipment is added to the vehicle to facilitate repossession or payment, the borrower will be given a notice explaining the abilities of the equipment. The notice must include a statement that it may be removed at no cost to the borrower when paid off.

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IV.

Persons subject to or licensed under this chapter may offer, sell, and provide guaranteed asset protection (GAP) waivers, as defined in RSA 361-E:2, I(f), in accordance with RSA 361-E. Any violation of RSA 361-E is a violation of this chapter.

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V.

(a) When a person enters into a retail transaction where a consumer trades in or sells a vehicle that is subject to a lien, the person shall, within 21 calendar days of the date of sale, submit payment to the lien holder to pay off the lien on the traded-in or sold motor vehicle, unless the underlying contract has been rescinded before expiration of 21 calendar days.

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(b)

In this section, the term "date of sale" shall be the date the parties entered into the transaction as evidenced by the date written in the contract executed by the parties, or the date the person took possession of the traded-in or sold vehicle. In the event the date of the contract differs from the date the person took possession of the traded-in vehicle, the "date of sale" shall be the date the person took possession of the traded-in vehicle.

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VI.

In regard to finance charges:

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(a)

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.

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(b)

Such finance charge shall be computed on the principal balance as determined under RSA 361-A:15, IV(i) or RSA 361-A:16, IV(i) on a daily simple interest basis.

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(c)

[Repealed.] Source. 2024, 330:1, eff. July 1, 2024. 2025, 184:1, eff. Sept. 13, 2025.

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