This bill proposes the repeal of a specific requirement in vehicle funding loan contracts, which mandates that the periodic payments made under these contracts must be substantially equal in amount. The legal language being removed from current law is found in RSA 361-A:17, VI(c), which outlines this requirement for vehicle funding loans.

By eliminating this stipulation, the bill allows for greater flexibility in the structuring of payment plans for vehicle loans, potentially accommodating a wider range of financial arrangements between lenders and borrowers. The bill is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 674:16, 674:21, 674:44, 674:16-a
As Amended by the House: 674:16
As Amended by the Senate: 361-A:17
Version adopted by both bodies: 361-A:17