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1 New Paragraph; Depository Bank Act; Banking Business. Amend RSA 383-B:3-301 by inserting after paragraph (p) the following new paragraph:
(q) Depository banks licensed in accordance with this chapter shall offer to consumers banking products designed to build credit, such as small dollar loans and other credit building products. Banks may choose to develop these products in-house or may contract with third party providers. For purposes of this paragraph, "small dollar loan" means a loan with a maximum value of $2,500, a repayment plan of no more than 12 months, and an interest rate of no more than 26 percent APR. Acceptable credit building products shall be identified by the bank commissioner. The bank commissioner shall adopt rules pursuant to RSA 541-A to implement the provisions of this paragraph.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Paragraph; Depository Bank Act; Banking Business. Amend RSA 383-B:3-301 by inserting after paragraph (p) the following new paragraph:
(q) Depository banks licensed in accordance with this chapter shall offer to consumers banking products designed to build credit, such as small dollar loans and other credit building products. Banks may choose to develop these products in-house or may contract with third party providers. For purposes of this paragraph, "small dollar loan" means a loan with a maximum value of $2,500, a repayment plan of no more than 12 months, and an interest rate of no more than 26 percent APR. Acceptable credit building products shall be identified by the bank commissioner. The bank commissioner shall adopt rules pursuant to RSA 541-A to implement the provisions of this paragraph.
2 Effective Date. This act shall take effect 60 days after its passage.