CHAPTER 83
HB 1591-FN – FINAL VERSION
05Mar2008… 0237h
2008 SESSION
05/03
HOUSE BILL 1591-FN
AN ACT relative to vehicles traded to automobile dealers.
SPONSORS: Rep. G. Andersen, Graf 11
This bill provides that when a person accepts a motor vehicle with an outstanding lien as part of a retail transaction, the person shall pay off the outstanding lien within a specified period of time.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05Mar2008… 0237h
08-2195
05/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to vehicles traded to automobile dealers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
83:1 New Section; Retail Installment Sales; Lien Payoff on Motor Vehicles Accepted in Trade. Amend RSA 361-A by inserting after section 10-b the following new section:
361-A:10-c Lien Payoff on Motor Vehicles Accepted in Trade.
I. When a person enters into a retail transaction where a consumer trades in or sells a vehicle that is subject to a lien, the person shall, within 21 calendar days of the date of sale, remit payment to the lien holder to pay off the lien on the traded-in or sold motor vehicle, unless the underlying contract has been rescinded before expiration of 21 calendar days.
II. In this section, the term “date of sale” shall be the date the parties entered into the transaction as evidenced by the date written in the contract executed by the parties, or the date the person took possession of the traded-in or sold vehicle. In the event the date of the contract differs from the date the person took possession of the traded-in vehicle, the “date of sale” shall be the date the person took possession of the traded-in vehicle.
83:2 Effective Date. This act shall take effect January 1, 2009.
Approved: May 21, 2008
Effective Date: January 1, 2009