HB 620-FN – AS INTRODUCED
2007 SESSION
08/03
HOUSE BILL 620-FN
AN ACT repealing the statutory provisions regarding small loans, title loans, and payday loans and establishing a general statutory usury rate.
SPONSORS: Rep. Kurk, Hills 7; Rep. Hopfgarten, Rock 5
This bill repeals the statutory provisions regarding small loans, title loans, and payday loans and establishes a general statutory usury rate.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type’
07-0402
08/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT repealing the statutory provisions regarding small loans, title loans, and payday loans and establishing a general statutory usury rate.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Usury Prohibited; Elimination of Small Loan, Title Loan, and Payday Loan Requirements. RSA 399-A is repealed and reenacted to read as follows:
CHAPTER 399-A
USURY
399-A:1 Usury Prohibited.
I. No person shall commit usury by, as guarantor or otherwise, directly or indirectly, loaning money to any person and, directly or indirectly, charging, demanding, accepting, or making any agreement to receive therefor interest at a rate greater than 30 percent per year.
II. Any person who knowingly violates paragraph I shall be guilty of a misdemeanor if a natural person and guilty of a felony if any other person.
2 Bank Examination Fees. Amend the introductory paragraph of RSA 383:11 to read as follows:
383:11 Payment of Cost of Examination. The bank commissioner shall, each fiscal year, charge and collect from the institutions, the condition and management of which he or she is required to examine under the provisions of RSA 383:9, and which he or she supervises under the provisions of RSA 361-A[,] and RSA 397-A[, and RSA 399-A], the total amount appropriated for the bank commissioner’s department. Said sum shall be collected as follows:
3 Repeal. The following are repealed:
I. RSA 512:21, IX relative to exemption of payday loans, title loans, and other small loans from the trustee process.
II. RSA 512:21, X, relative to exemption of a married woman’s payday loans, title loans, and other small loans from the trustee process.
III. RSA 6:12, I(b)(142), relative to the consumer credit administration license fund.
4 Reference Removed. Amend RSA 383:11, II(b) to read as follows:
(b) From non-depository lenders and brokers. Each licensee subject to the supervision of the bank commissioner under the provisions of RSA 397-A[, RSA 399-A,] and sales finance companies under RSA 361-A, shall be charged and shall pay such proportion of said balance applicable to the consumer credit administration division under the banking department’s program appropriation unit designation as its total dollar volume of loans made, originated, funded, or brokered bear to the total dollar volume of all such loans made, originated, funded, or brokered by such licensees during the preceding calendar year ending December 31, as shown by their annual reports to the commissioner.
5 Effective Date. This act shall take effect January 1, 2008.
LBAO
07-0402
01/29/07
HB 620-FN - FISCAL NOTE
AN ACT repealing the statutory provisions regarding small loans, title loans, and payday loans and establishing a general statutory usury rate.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from the Banking Department. When completed, the fiscal note will be forwarded to the House Clerk's Office.