RSA 361-A:20 · Requirements and Prohibitions as to Servicing

361-A:20 Requirements and Prohibitions as to Servicing. –

Copy link

I.

The borrower shall receive a notice of assignment from both the current and future holder of the retail installment contract within 15 days of the assignment.

Copy link

II.

Unless the buyer has notice of the assignment of the contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.

Copy link

III.

When a buyer pays off a retail installment contract, the licensee shall:

Copy link

(a)

Within 10 days after demand and, in any event, within 21 calendar days of the payoff, release the lien and provide the title or equivalent paperwork to obtain title; and

Copy link

(b)

Not charge additional fees to the borrower to remove additional equipment after payoff.

Copy link

IV.

Within 5 business days of receipt of written request from the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement of the dates and amounts of payments or the total amount unpaid under such contract, or both, as specified in the request.

Copy link

V.

A buyer shall be given a written or stamped receipt for any payment when made in cash.

Copy link

VI.

Payment shall be effective as of the day it is received by the licensee.

Copy link

VII.

The licensee shall provide either a payment book in which space shall be provided for the record of all payments showing principal, interest, and balance or monthly statements to the borrowers detailing the following:

Copy link

(a)

The date of such loan;

Copy link

(b)

The amount of the principal of such loan;

Copy link

(c)

The total interest charged for the period of such loan;

Copy link

(d)

The nature of the security;

Copy link

(e)

The name and address of the borrower and of the licensee; and

Copy link

(f)

The description of schedule of payments on such loans.

Copy link

VIII.

(a) Within 21 calendar days of the date any ancillary product is canceled, unearned premium refunds received by the holder shall be credited to the final maturing installments of the contract except to the extent applied toward payment for similar ancillary product protecting the interests of the buyer and the holder or either of them.

Copy link

(b)

In this section, the term "date any ancillary product is canceled" shall be the date that the buyer requests the cancellation or a triggering event of the completion of loan such as the payoff or totaling of the vehicle.

Copy link

(c)

The holder of the contract shall provide written notice of such payment to any company that has issued an ancillary product contract the premium of which was financed as part of such retail installment contract. Such notice shall contain the date the retail installment contract was paid in full, the name and last known address of the buyer under the contract, and shall state that pursuant to RSA 361-A a refund by the insurer of any unused prepaid premium is due the buyer upon receipt of the notice. A copy of the notice shall be given to the buyer, or mailed to the buyer's last known address.

Copy link

IX.

The activation of a starter interruption device is equivalent to repossession of the vehicle.

Copy link

X.

Once a vehicle has been repossessed, all fees assessed to the borrower shall cease, except as outlined in RSA 361-A:23, II(d). Source. 2024, 330:1, eff. July 1, 2024.

Copy link