RSA 399-A:2 · License Required

399-A:2 License Required. –

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I.

No person shall engage in the business of a small loan lender in this state or with consumers located in this state without first obtaining a license from the commissioner as provided in this chapter.

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II.

Each such license shall terminate on December 31 of each year. Each license shall remain in full force and effect until surrendered, revoked, suspended, or terminated.

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III.

The provisions of this chapter shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense, including, without limitation:

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(a)

Calling a loan by any other name;

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(b)

Using any agents, affiliates, or subsidiaries in an attempt to avoid the application of the provisions of this chapter; or

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(c)

Having any affiliation or other business arrangement with an entity that is exempt from the provisions of this chapter, the effect of which is to evade the provisions of this chapter, including, without limitation, making a loan, while purporting to be the agent of such an exempt entity where the purported agent holds, acquires, or maintains a preponderant economic interest in the revenues generated by the loan.

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IV.

The fact that a person is licensed or registered in the state of New Hampshire under this chapter shall not constitute a finding that the commissioner has passed in any way upon the merits or qualifications of such person or that the commissioner has recommended or given approval to any person. No person shall make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with the provisions of this paragraph. Source. 2015, 73:1, eff. Jan. 1, 2016.

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