New Hampshire Revised Statutes 361-A:6-a – Examinations
Current as of: 2023 | Check for updates
|
Other versions
I. The commissioner may examine the business affairs of any sales finance company licensee or any other person, whether licensed or not, as the commissioner deems necessary to determine compliance with this chapter and the rules adopted pursuant to it. In determining compliance, the banking department may examine the books, accounts, records, files, and other documents, whether electronically stored or otherwise, and any other matters of any sales finance company licensee or person. The banking department shall have the power to subpoena witnesses and administer oaths in any adjudicative proceeding, and to compel, by subpoena duces tecum, the production of all books, records, files, whether electronically stored or otherwise, and other documents and materials relevant to its investigation.
II. (a) The affairs and records of every sales finance company licensee or person shall be subject at any time to periodic, special, regular, or other examination by the banking department with or without notice to the licensee or person. Those licensees or persons, including those that maintain their files and business documents in another state, shall:
(1) Deliver to the commissioner a list of all New Hampshire consumers who have contracted with the licensee or with whom the licensee is otherwise engaged in business regulated under this chapter, and other requested lists summarizing the business of the licensee, within 7 days of receipt of the request; and
(2) Deliver to the commissioner files selected by the commissioner from the list delivered in subparagraph (a)(1), and any other files or documents requested, within 21 days of receipt of the request.
(b) Failure to provide files or documents within the time established by this paragraph shall subject a licensee or person to a fine of $50 per day for each day the files or documents are not produced. Failure to provide files or documents to the commissioner within 60 days after receipt of the request shall be sufficient cause for license revocation, suspension, or denial.
III. Any agent of the banking department may make a thorough examination into the business affairs of any sales finance company licensee or person and shall report any violations of law, rule, or standard business practice to the banking department.
IV. The expense of such examination shall be chargeable to and paid by the sales finance company licensee or person. The payment shall be calculated by the same method as for payments by institutions for cost of examinations under N.H. Rev. Stat. § 383:11.
IV-a. The commissioner may, in his or her discretion, accept all or a part of a report of examination of a sales finance company, certified to by the regulatory supervisory official of another state. To avoid unnecessary duplication of examinations, the commissioner, insofar as he or she deems it practicable in administering this section, may cooperate with the regulators of other states, the Federal Trade Commission, other federal regulators, or their successors in conducting examinations and investigations.
V. Every person being examined, and all of the officers, directors, employees, agents, and representatives of such person shall make freely available to the commissioner or his or her examiners the accounts, records, documents, files, information, assets, and matters in their possession or control relating to the subject of the examination and shall facilitate the examination.
(a) Upon receipt of a written report of examination, the licensee shall have 30 days or such additional reasonable period as the commissioner for good cause may allow, within which to review the report, recommend any changes and set forth in writing the remedial course of action the licensee will pursue to correct any reported deficiencies outlined in the report.
(b) If so requested by the person examined, within the period allowed in subparagraph (a), or if deemed advisable by the commissioner without such request, the commissioner shall hold a closed hearing relative to the report and shall not file the report in the department until after such closed hearing and issuance of his or her order thereon. If no such closed hearing has been requested or held, the examination report, with such modifications, if any, thereto as the commissioner deems proper, shall be accepted by the commissioner and filed upon expiration of the review period provided for in subparagraph (a). The report shall be accepted and filed within 6 months after final hearing.
(c) All reports pursuant to this section shall be privileged and although filed in the department as provided in subparagraph (b) shall not be for public inspection. The comments and recommendations of the examiner shall also be confidential information and shall not be available for public inspection.
VI. In any investigation to determine whether any person has violated or is about to violate this chapter or any rule or order under this chapter, upon the commissioner’s finding that the person violated this chapter or a rule or order under this chapter, or the person charged with the violation being found in default, the commissioner shall be entitled to recover the cost of the investigation, in addition to any other penalty provided for under this chapter.
II. (a) The affairs and records of every sales finance company licensee or person shall be subject at any time to periodic, special, regular, or other examination by the banking department with or without notice to the licensee or person. Those licensees or persons, including those that maintain their files and business documents in another state, shall:
Terms Used In New Hampshire Revised Statutes 361-A:6-a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the bank commissioner. See New Hampshire Revised Statutes 361-A:1
- Control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See New Hampshire Revised Statutes 361-A:1
- Department: means the banking department. See New Hampshire Revised Statutes 361-A:1
- Person: means an individual, partnership, corporation, association, and any other group however organized. See New Hampshire Revised Statutes 361-A:1
- Sales finance company: means a person engaged, in whole or in part, directly or indirectly, in the business of providing motor vehicle financing in this state to one or more retail buyers, or in the business of purchasing retail installment contracts from one or more retail sellers. See New Hampshire Revised Statutes 361-A:1
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Subpoena: A command to a witness to appear and give testimony.
- Subpoena duces tecum: A command to a witness to produce documents.
(1) Deliver to the commissioner a list of all New Hampshire consumers who have contracted with the licensee or with whom the licensee is otherwise engaged in business regulated under this chapter, and other requested lists summarizing the business of the licensee, within 7 days of receipt of the request; and
(2) Deliver to the commissioner files selected by the commissioner from the list delivered in subparagraph (a)(1), and any other files or documents requested, within 21 days of receipt of the request.
(b) Failure to provide files or documents within the time established by this paragraph shall subject a licensee or person to a fine of $50 per day for each day the files or documents are not produced. Failure to provide files or documents to the commissioner within 60 days after receipt of the request shall be sufficient cause for license revocation, suspension, or denial.
III. Any agent of the banking department may make a thorough examination into the business affairs of any sales finance company licensee or person and shall report any violations of law, rule, or standard business practice to the banking department.
IV. The expense of such examination shall be chargeable to and paid by the sales finance company licensee or person. The payment shall be calculated by the same method as for payments by institutions for cost of examinations under N.H. Rev. Stat. § 383:11.
IV-a. The commissioner may, in his or her discretion, accept all or a part of a report of examination of a sales finance company, certified to by the regulatory supervisory official of another state. To avoid unnecessary duplication of examinations, the commissioner, insofar as he or she deems it practicable in administering this section, may cooperate with the regulators of other states, the Federal Trade Commission, other federal regulators, or their successors in conducting examinations and investigations.
V. Every person being examined, and all of the officers, directors, employees, agents, and representatives of such person shall make freely available to the commissioner or his or her examiners the accounts, records, documents, files, information, assets, and matters in their possession or control relating to the subject of the examination and shall facilitate the examination.
(a) Upon receipt of a written report of examination, the licensee shall have 30 days or such additional reasonable period as the commissioner for good cause may allow, within which to review the report, recommend any changes and set forth in writing the remedial course of action the licensee will pursue to correct any reported deficiencies outlined in the report.
(b) If so requested by the person examined, within the period allowed in subparagraph (a), or if deemed advisable by the commissioner without such request, the commissioner shall hold a closed hearing relative to the report and shall not file the report in the department until after such closed hearing and issuance of his or her order thereon. If no such closed hearing has been requested or held, the examination report, with such modifications, if any, thereto as the commissioner deems proper, shall be accepted by the commissioner and filed upon expiration of the review period provided for in subparagraph (a). The report shall be accepted and filed within 6 months after final hearing.
(c) All reports pursuant to this section shall be privileged and although filed in the department as provided in subparagraph (b) shall not be for public inspection. The comments and recommendations of the examiner shall also be confidential information and shall not be available for public inspection.
VI. In any investigation to determine whether any person has violated or is about to violate this chapter or any rule or order under this chapter, upon the commissioner’s finding that the person violated this chapter or a rule or order under this chapter, or the person charged with the violation being found in default, the commissioner shall be entitled to recover the cost of the investigation, in addition to any other penalty provided for under this chapter.