New Hampshire Revised Statutes 361-A:7-a – Direct Loans by Sales Finance Companies, and Exceptions
Current as of: 2023 | Check for updates
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Terms Used In New Hampshire Revised Statutes 361-A:7-a
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
The provisions of N.H. Rev. Stat. § 361-A:7 shall apply to a sales finance company which provides direct loans to retail buyers for the purchase of motor vehicles from retail sellers, except N.H. Rev. Stat. § 361-A:7, I and II shall not apply to federally chartered banks, savings banks, trust companies, credit unions, cooperative banks, or industrial banks which do not act as sellers, but provide direct loans to retail buyers and supply a disclosure statement in conformity with Federal Reserve Board Regulation Z, Truth-in-Lending, 12 C.F.R. § 226, as amended from time to time. In addition, N.H. Rev. Stat. § 361-A:7, I-IV-a and VI-IX and N.H. Rev. Stat. § 361-A:8 shall not apply to a lease as defined in RSA 361-D.