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RSA 399-A:19 · Title Loan Renewals

Title
XXXVI: PAWNBROKERS AND MONEYLENDERS
Chapter
399-A · REGULATION OF SMALL LOANS, TITLE LOANS, AND PAYDAY LOANS
Status
current
Official source linked
Yes
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399-A:19 Title Loan Renewals. –

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I.

A title loan shall be for an original term of no more than one month.

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II.

A title loan lender may allow such loan to be renewed no more than 9 additional periods each equal to the original term, provided however, that at each such renewal the borrower shall pay at least 10 percent of the title loan's original principal balance in addition to any finance charge owed, to reduce the principal balance outstanding. No action shall be required of the borrower to renew the loan.

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III.

If the borrower cannot pay this principal reduction at any renewal, the title loan lender shall either: (a) declare the borrower in default; or (b) allow the loan to be renewed, provided that, in either event, the lender shall reduce the current principal amount of the loan by 10 percent of the original principal amount for the purposes of calculating interest thereafter. This reduction in principal shall continue to be owed by the borrower, but such amount shall not be entitled to accrue interest thereafter. No interest shall accrue on a title loan 60 days after the borrower has been declared in default, unless the borrower cures such default.

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IV.

No accrued interest shall be capitalized or added to the principal of the title loan at the time of any renewal. Source. 2015, 73:1, eff. Jan. 1, 2016. 2018, 206:1, eff. Aug. 7, 2018.

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Source note

Source. 2015, 73:1, eff. Jan. 1, 2016. 2018, 206:1, eff. Aug. 7, 2018.

Source history

  • 2015, 73:1, eff. Jan. 1, 2016
  • 2018, 206:1, eff. Aug. 7, 2018

Related materials

Bill relationships

  • 2026 HB1207 reference · effective 2027-07-01

    l assessment for that year. (c) From consumer credit division entities. Each entity subject to the supervision of the commissioner under the provisions of RSA 361-A, RSA 397-A, RSA 399-A, RSA 399-D, and RSA 399-G, shall be charged and shall pay such proportion of the balance applicable to the consumer credit administration division under the department's accounting unit designation as the gross revenue

  • 2026 HB1207-FN reference · effective 2027-07-01

    l assessment for that year. (c) From consumer credit division entities. Each entity subject to the supervision of the commissioner under the provisions of RSA 361-A, RSA 397-A, RSA 399-A, RSA 399-D, and RSA 399-G, shall be charged and shall pay such proportion of the balance applicable to the consumer credit administration division under the department's accounting unit designation as the gross revenue