HB 357 – AS INTRODUCED
2007 SESSION
08/03
HOUSE BILL 357
AN ACT relative to disclosure of the sale of revolving credit loans to third parties.
SPONSORS: Rep. Hopfgarten, Rock 5
This bill requires the selling price of a default revolving credit account be provided to the borrower upon request.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-1124
08/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to disclosure of the sale of revolving credit loans to third parties.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Account in Default; Sale. Amend RSA 384-G:10 by inserting after paragraph II the following new paragraph:
III. If the bank sells an account in default to a third party, the bank shall provide to the borrower the amount that the third party paid for the account in default upon the written request of the borrower.
2 Effective Date. This act shall take effect 60 days after its passage.