SB91 (2018) Detail

Relative to the title loan default process.


CHAPTER 206

SB 91 - FINAL VERSION

 

01/03/2018   2506s

2018 SESSION

17-0975

08/10

 

SENATE BILL 91

 

AN ACT relative to the title loan default process.

 

SPONSORS: Sen. Feltes, Dist 15; Rep. Butler, Carr. 7; Rep. Williams, Hills. 4; Rep. Luneau, Merr. 10

 

COMMITTEE: Commerce

 

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AMENDED ANALYSIS

 

This bill requires a title loan lender to cease accruing and collecting interest on a title loan which is in default for over 60 days.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

01/03/2018   2506s 17-0975

08/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT relative to the title loan default process.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

206:1  Title Loan Renewals.  Amend RSA 399-A:19, II-III to read as follows:

II.  A title loan lender may allow such loan to be renewed no more than [10] 9 additional periods each equal to the original term, provided however, that at each such renewal the borrower shall pay at least 10 percent of the title loan's original principal balance in addition to any finance charge owed, to reduce the principal balance outstanding.  No action shall be required of the borrower to renew the loan.

III.  If the borrower cannot pay this principal reduction at any renewal, the title loan lender [may] shall either:  (a) declare the borrower in default; or (b) allow the loan to be renewed, provided that, in either event, the lender shall reduce the current principal amount of the loan by 10 percent of the original principal amount for the purposes of calculating interest thereafter.  This reduction in principal shall continue to be owed by the borrower, but such amount shall not be entitled to accrue interest thereafter.  No interest shall accrue on a title loan 60 days after the borrower has been declared in default, unless the borrower cures such default.

206:2  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: June 08, 2018

Effective Date: August 07, 2018

Links

SB91 at GenCourtMobile

Action Dates

Date Body Type
Feb. 7, 2017 Senate Hearing
Jan. 3, 2018 Senate Floor Vote
Jan. 3, 2018 Senate Floor Vote
March 28, 2018 House Hearing
April 10, 2018 House Exec Session
House Floor Vote
April 26, 2018 House Floor Vote

Bill Text Revisions

SB91 Revision: 4135 Date: June 13, 2018, 10:30 a.m.
SB91 Revision: 3599 Date: April 26, 2018, 12:13 p.m.
SB91 Revision: 2832 Date: Jan. 3, 2018, 11:48 a.m.
SB91 Revision: 2639 Date: Jan. 25, 2017, 10:18 a.m.

Docket

Date Status
Jan. 19, 2017 Introduced 01/19/2017 and Referred to Commerce; SJ 5
Feb. 7, 2017 Hearing: 02/07/2017, Room 100, SH, 01:15 pm; SC 9
March 29, 2017 Committee Report: Rereferred to Committee, 03/29/2017; Vote 5-0; CC; SC 16
March 29, 2017 Rereferred to Committee, MA, VV; 03/29/2017; SJ 11
Jan. 3, 2018 Committee Report: Ought to Pass with Amendment # 2017-2506s, 01/03/2018; SC 48
Jan. 3, 2018 Committee Report: Ought to Pass with Amendment # 2017-2506s, 01/03/2018; SC 48
Jan. 3, 2018 Committee Amendment # 2017-2506s, AA, VV; 01/03/2018; SJ 1
Jan. 3, 2018 Ought to Pass with Amendment 2017-2506s, MA, VV; OT3rdg; 01/03/2018; SJ 1
March 7, 2018 Introduced 03/07/2018 and referred to Commerce and Consumer Affairs HJ 7 P. 50
March 28, 2018 Public Hearing: 03/28/2018 10:00 AM LOB 302
April 3, 2018 Subcommittee Work Session: 04/03/2018 01:15 PM LOB 302
April 10, 2018 Executive Session: 04/10/2018 01:15 PM LOB 302
April 26, 2018 Committee Report: Ought to Pass for 04/26/2018 (Vote 17-0; CC) HC 16 P. 3
Committee Report: Ought to Pass (Vote 17-0; CC)
April 26, 2018 Ought to Pass: MA VV 04/26/2018
May 3, 2018 Enrolled 05/03/2018
May 3, 2018 Enrolled (In recess 05/03/2018); SJ 17
June 8, 2018 Signed by the Governor on 06/08/2018; Chapter 0206; Effective 08/07/2018