Section 399-D:15 Licensee's Duties.
I. Each licensee shall:
(a) Keep complete and adequate records during the term of the contract and for a period of 7 years from the date of cancellation or completion of the contract with each debtor. The records shall contain complete and accurate information regarding the contract, payments, disbursements and charges, and shall be open to inspection by the commissioner and the commissioner's duly appointed agents during normal business hours.
(b) Make remittances to creditors within 10 days after receipt of any funds, less prorated fees, unless the reasonable payment of one or more of the debtor's obligations requires that such funds be held for a longer period to accumulate a sum certain.
(c) Furnish the debtor with a written statement of his or her account every 90 days, and at the termination or cancellation of the contract and with a verbal accounting at any time the debtor may request it during normal business hours.
II. No licensee shall accept an account unless a written and thorough budget analysis indicates that the debtor can reasonably meet the requirements indicated by the budget analysis.
III. No licensee shall enter into a contract for a longer period of time than is reasonable and consistent with the budget analysis, unless a written statement by the debtor specifically indicates the debtor's desire to make lower payments over the extended period, at a greater fee, as provided in RSA 399-D:14, III.
IV. If a compromise of a debt is arranged by the licensee with any one or more creditors, the debtor shall have the full benefit of such compromise.
V. A licensee shall submit written notification to the banking department of the name and address, and such other information as the commissioner may require by rule, of each new stockholder or other person owning 10 percent or more of the licensee, and of each new member, partner or trustee of the licensee, no later than 30 days after the change.
VI. Licensees shall provide written notice to the commissioner of any proposed change in location or proposed closing of any licensed office no later than 10 business days before the effective date of such change of location or closing.
VII. Persons licensed under this chapter are under a continuing obligation to update information on file with the commissioner. If any information filed with the commissioner becomes materially inaccurate, the licensee shall promptly submit to the commissioner an amendment to its application records that will correct the information on file with the commissioner. An amendment shall be considered to be filed promptly if the amendment is filed within 30 days of the event that required the filing of the amendment. Certain significant events as defined by rule shall be reported to the department in writing within 10 calendar days.
VIII. Persons subject to or licensed under this chapter shall abide by applicable federal laws, and regulations including the federal Truth in Lending Act, and the laws, orders, and rules of this state. Any violation of such law, rule, or order shall be a violation of this chapter.
Source. 2004, 230:1, eff. Sept. 9, 2004. 2006, 303:34, eff. Aug. 18, 2006.