HB 1476-FN - AS INTRODUCED
HOUSE BILL 1476-FN
SPONSORS: Rep. Gagne, Hills. 13
COMMITTEE: Commerce and Consumer Affairs
This bill prohibits motor vehicle dealers from requiring the purchase of automobile insurance from the dealer as part of the sales contract.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subparagraph; Retail Installment Sales of Motor Vehicles; Requirements and Prohibitions as to Retail Installment Contracts. Amend RSA 361-A:7, IX by inserting after subparagraph (d) the following new subparagraph:
(e) Any provision that requires the purchaser of an automobile from a motor vehicle dealer to purchase new insurance coverage when such purchaser has existing coverage in place at the time the vehicle is purchased.
III. Any person violating the provisions of RSA 361-A:7 or RSA 361-A:8 or engaging in the business of a sales finance company without a license if a license is required under this chapter shall be barred from recovering any finance charge, delinquency, or collection charge on the contract. Where no finance charge is payable under the terms of the contract, a person engaging in the business of a sales finance company without a license shall be barred from recovering any amount in excess of the wholesale market value of the vehicle, if the vehicle was purchased by the seller at a wholesale auction or other wholesale outlet, or the trade-in value of the vehicle if the seller acquired the vehicle in trade. Such value shall be that quoted for New Hampshire or the New England region in a value quotation publication generally recognized by the motor vehicle industry and as specified by the commissioner in rules adopted pursuant to RSA 541-A. In addition, any person violating the provisions of RSA 361-A:7, IX(e) shall be fined $100 per occurrence.
HB 1476-FN- FISCAL NOTE
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
Estimated Increase / (Decrease)
[ ] General [ ] Education [ ] Highway [ X ] Other - Banking Department Restricted Revenue
This bill prohibits motor vehicle dealers from requiring the purchase of automobile insurance from the dealer as part of the sales contract. The Banking Department indicates the new law may require additional time from Department employees to enforce in the context of examinations or enforcement proceedings. The Department states it is not able to determine at this time if the bill would result in a need for more Department personnel. Because the Banking Department is self-funded, any costs for additional personnel would be borne by licensed entities through the examination per diem, fees, fines, and the annual assessment. Any additional money collected as a result of the new penalty would reduce dollar for dollar, the annual assessment imposed in accordance with RSA 383:11,11.
It is assumed this bill will not be implemented until FY 2021.
|Jan. 28, 2020||House||Hearing|
|Feb. 18, 2020||House||Exec Session|
|March 3, 2020||House||Exec Session|
|Jan. 8, 2020||Introduced 01/08/2020 and referred to Commerce and Consumer Affairs|
|Jan. 28, 2020||Public Hearing: 01/28/2020 11:15 am LOB 302|
|Feb. 14, 2020||Subcommittee Work Session: 02/14/2020 09:30 am LOB 302|
|Feb. 18, 2020||==RECESSED== Executive Session: 02/18/2020 01:00 pm LOB 302|
|Feb. 24, 2020||Subcommittee Work Session: 02/24/2020 02:00 pm LOB 302|
|March 3, 2020||==CONTINUED== Executive Session: 03/03/2020 10:30 am LOB 302|