New Hampshire 2024 Regular Session

New Hampshire House Bill HB1243

Introduced

12/1/23

Refer

12/1/23

Report Pass

3/20/24

Engrossed

4/2/24

Refer

4/2/24

Report Pass

5/15/24

Enrolled

7/23/24

Chaptered

8/7/24

Passed

8/7/24

Caption

Revising the laws relative to retail installment sales of motor vehicles, and relative to the sale of a vehicle to a Massachusetts resident.

Impact

This legislation impacts the retail installment sale process significantly. By repealing and reenacting existing provisions related to retail sales, HB1243 adjusts operational responsibilities for motor vehicle dealers and the banking department. One major change is the introduction of clearer definitions and regulations regarding what constitutes a valid retail installment contract, including conditions concerning balloon payments and prohibitions against certain contract provisions that may disadvantage consumers. This demonstrates a commitment to consumer protection, ensuring that borrowers are treated fairly in vehicle financing agreements.

Summary

House Bill 1243 seeks to revise laws governing retail installment sales of motor vehicles in New Hampshire. The bill aims to update the statutes that regulate how motor vehicles can be financed, making significant changes to the provisions of RSA 361-A. Specifically, HB1243 eliminates the requirement for motor vehicle dealers to notify the New Hampshire Department of Motor Vehicles when they sell a vehicle to a Massachusetts resident, streamlining the sales process and potentially facilitating inter-state vehicle transactions.

Contention

While the bill appears to have widespread support, it also raises points of contention regarding the potential for consumer disadvantages. Critics may argue that eliminating reporting requirements could lead to issues concerning consumer rights and protections, especially if complications arise from out-of-state sales. Furthermore, there may be concern about how effectively the banking department will monitor compliance with the new provisions, particularly given the enhanced responsibilities placed on dealerships without the need for additional notification for sales to residents of other states.

Latest HB1243 Activity

Companion Bills

No companion bills found.

Previously Filed As

NH HB388

Relative to number plates for motor vehicles.

NH SB52

Relative to the regulation and operation of electric vehicle charging stations.

NH HB356

Relative to the application of motor vehicle laws to bicycles.

NH HB40

Relative to domicile residency, voter registration, and investigation of voter verification letters, and relative to the terms "resident," "inhabitant," "residence," and "residency."

NH HB639

Relative to the legalization and regulation of cannabis and making appropriations therefor.

NH HB374

Relative to the application process for driver's licenses and the privacy of motor vehicle records.

NH HB544

Legalizing cannabis for retail sale.

NH HB222

To require the use of seat belts during the operation of motor vehicles.

NH SB256

Establishing a safety program for off-highway recreational vehicles.

NH HB340

Relative to the transfer of residential property.

Similar Bills

CT HB05571

An Act Concerning Banking And Consumer Protections.

KS HB2247

Senate Substitute for HB 2247 by Committee on Financial Institutions and Insurance - Modifying certain terms, definitions, deadlines and provisions contained in the uniform consumer credit code and transferring mortgage provisions from the uniform consumer credit code to the Kansas mortgage business act.

CT SB00173

An Act Concerning Connecticut Financial Institutions, Martin Luther King, Jr. Corridors, Money Transmission In The State And Fiduciary Duties Of Mortgage Servicers, Lead Generators, Technical Revisions To The Connecticut Uniform Securities Act, Retail Installment Sales Financing, Advance Rental Payments, Protecting Tenants In Foreclosure, Assessments And Technical Changes To The Mortgage Servicing Statutes.