1 Findings. The general court finds that a survey comparing the maximum interest permitted by statute for any accounts that are overdue is notably much lower that what is currently shown in the New Hampshire statutes and is deemed unjust enrichment.

2 Trade and Commerce; Rate of Interest. Amend RSA 336:1, I to read as follows:

336:1 Rate of Interest.

I. The annual rate of interest in all business transactions in which interest is paid or secured, unless otherwise agreed upon in writing, shall equal 10 a simple interest rate of 4 percent. No consumer credit transaction, as defined in RSA 358-K:1, V, shall be subject to this paragraph. If agreed upon in writing, interest on business transactions may include charging other than simple interest. Any interest more than such rate is ipso facto usury. Violation of this section automatically establishes a penalty of $10,000 payable to the state treasury by the violator.

3 Effective Date. This act shall take effect April 1, 2018.

1 Findings. The general court finds that a survey comparing the maximum interest permitted by statute for any accounts that are overdue is notably much lower that what is currently shown in the New Hampshire statutes and is deemed unjust enrichment.

2 Trade and Commerce; Rate of Interest. Amend RSA 336:1, I to read as follows:

336:1 Rate of Interest.

I. The annual rate of interest in all business transactions in which interest is paid or secured shall equal a simple interest rate of 4 percent. Any interest more than such rate is ipso facto usury. Violation of this section automatically establishes a penalty of $10,000 payable to the state treasury by the violator.

3 Effective Date. This act shall take effect April 1, 2018.