Revision: Jan. 25, 2017, 10:18 a.m.
SB 91 - AS INTRODUCED
2017 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.
This bill is a request of the banking department.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
17-0975
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
AN ACT relative to the title loan default process.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Title Loan Renewals. Amend RSA 399-A:19, III to read as follows:
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 and cease accruing and collecting interest on the loan; or (b) allow the loan to be renewed, provided that 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.
2 Effective Date. This act shall take effect 60 days after its passage.