Thursday, December 1 2022


New Hampshire has amended several provisions of its banking and consumer credit laws to make technical corrections and to clarify existing provisions.

Among several substantive changes made by law, one of the changes is the requirement that ad files be “contained by the licensee for 3 years from the date of publication of the ad and be subject to a bank service review during any review or investigation undertaken in accordance with this chapter. For loan processors or underwriters, “office or support functions” now include either “receiving … common information for processing or subscribing …”Where [c]Communicate with a customer to obtain the information necessary to process or take out a loan. It is also now prohibited for any mortgage broker, mortgage banker, mortgage originator or mortgage administrator to engage in any business without a license, or to “assist and encourage any person in the conduct of business under the Chapter or any other chapter without a valid license ”as required by chapter 397-A. The law also removes the exclusion of persons authorized to grant loans or credit extensions under the laws of New Hampshire or the United States from the definition of “credit services organization” under NH Rev. Stat. Anne. § 359-D: 2, II (b) (7).

For those subject to New Hampshire’s laws governing small loans, title loans, and payday loans, the new law makes a number of changes. The law removes the language describing the measure of a month or a day for calculation purposes. A requirement that the payment ledger adhere to a certain format has also been removed. In addition, a requirement that any note, agreement or promise to pay, among other things, also contain the amount of the note in an open-ended loan or the maximum line of credit in an open-ended loan for those subject to regulations regarding small loans, title loans and payday loans are added under the law.

Finally, the law changes the definition of a retailer under NH Rev. Stat. Anne. § 361-A: 1, XIII, among other technical changes.

The effective date of the provisions is August 7, 2018.

A copy of the law can be found here.



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