House Bill 1243 is a comprehensive piece of legislation that revises laws governing retail installment sales of motor vehicles, with a focus on the definitions and licensing requirements for sales finance companies and retail sellers. The bill reenacts RSA 361-A, updating terms such as "balloon payment," "finance charge," and "motor vehicle," which are essential for interpreting the chapter on retail installment sales. It also simplifies the process for dealers by eliminating the requirement to submit a form to the New Hampshire Department of Motor Vehicles when a vehicle is sold to a Massachusetts resident. The bill requires entities engaging in the business of retail sellers or sales finance companies to obtain a license, with a detailed application process that includes background checks and a surety bond requirement. Certain financial institutions and bankruptcy trustees are exempt from the licensing requirement but must comply with specific provisions.

The bill also outlines the procedures for issuing, renewing, denying, and surrendering licenses, with the commissioner responsible for determining the applicant's qualifications and compliance with the law. It sets forth reporting and filing requirements for licensees, including annual reports and financial statements, and mandates record-keeping practices. Licensees must respond to consumer complaints promptly, and the commissioner has the authority to examine and investigate licensees' business affairs. The bill includes provisions for the service of process, confidentiality of examination reports, and prohibits fraudulent practices. It also details the requirements for retail installment contracts, including written contracts with clear financial terms, the right of rescission, and regulations on insurance and fees associated with the contracts. The bill does not specify the exact insertions or deletions to the current law but indicates a comprehensive update to the legal framework.

Statutes affected:
Introduced: 361-E:2, 398:2
As Amended by the House: 361-E:2, 398:2
As Amended by the Senate: 361-E:2, 398:2, 261:56-a
Version adopted by both bodies: 361-E:2, 398:2, 261:56-a
CHAPTERED FINAL VERSION: 361-E:2, 398:2, 261:56-a