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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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