Section 361-A:4-a Consumer Inquiries.
I. Consumer complaints naming retail sellers or sales finance companies under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via certified or registered mail to the retail seller or sales finance company for response within 10 days of receipt by the department. Retail sellers or sales finance companies shall, within 30 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the banking department. Not later than 60 days following receipt of such complaint, the retail seller or sales finance company shall conduct an investigation of the complaint and either:
(a) Make appropriate corrections in the account of the consumer and submit to the consumer and the banking department written notification of such corrections, including documentary evidence thereof; or
(b) Submit a written explanation or clarification to the consumer and the banking department which sets forth, to the extent applicable, the reasons why the licensee believes its actions are correct, including copies of documentary evidence thereof.
II. A retail seller or sales finance company who fails to respond to consumer complaints as required by this section within the time prescribed shall pay to the commissioner the sum of $50 for each day such response is overdue. For purposes of this section, the date of submission shall be the date such response is received by the banking department.
III. (a) Retail sellers or sales finance companies who, because of extenuating circumstances beyond the control of the retail seller or sales finance company, are unable to comply with the time frames prescribed in this section, may make written request to the commissioner for a waiver of such time frames. Waivers shall not be granted or considered unless the request for the waiver:
(1) Is received by the banking department within 50 days following the retail seller's or sales finance company's receipt of the complaint;
(2) Specifies the reason for the request; and
(3) Specifies a date certain by which the retail seller or sales finance company shall comply with the provisions of this section.
(b) Requests for waivers shall be either granted or denied within 5 days of receipt by the banking department.
IV. [Repealed.]
Source. 1992, 116:1. 1995, 253:13, I. 2003, 129:8, eff. June 12, 2003.