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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.
2 Retail Installment Sales of Motor Vehicles; Penalties. Amend RSA 361-A:11, III to read as follows:
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.
3 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
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.
2 Retail Installment Sales of Motor Vehicles; Penalties. Amend RSA 361-A:11, III to read as follows:
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 ofRSA 361-A:7, IX(e) shall be fined $100 per occurrence.
3 Effective Date. This act shall take effect 60 days after its passage.