Bill Text: NH HB1419 | 2020 | Regular Session | Introduced

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Bill Title: Relative to New Hampshire banks offering small dollar loans and credit building products.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-03-11 - Inexpedient to Legislate: Motion Adopted Voice Vote 03/11/2020 House Journal 7 P. 7 [HB1419 Detail]

Download: New_Hampshire-2020-HB1419-Introduced.html

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HB 1419 - AS INTRODUCED

 

 

2020 SESSION

20-2257

11/08

 

HOUSE BILL 1419

 

AN ACT relative to New Hampshire banks offering small dollar loans and credit building products.

 

SPONSORS: Rep. Thompson, Ches. 14; Rep. French, Graf. 14; Rep. W. Thomas, Hills. 21; Rep. Wilhelm, Hills. 42; Rep. Oxenham, Sull. 1

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill requires that New Hampshire banks offer small dollar loans and credit building products to consumers.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2257

11/08

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT relative to New Hampshire banks offering small dollar loans and credit building products.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Paragraph; Depository Bank Act; Banking Business.  Amend RSA 383-B:3-301 by inserting after paragraph (p) the following new paragraph:

(q)  Depository banks licensed in accordance with this chapter shall offer to consumers banking products designed to build credit, such as small dollar loans and other credit building products.  Banks may choose to develop these products in-house or may contract with third party providers.  For purposes of this paragraph, "small dollar loan" means a loan with a maximum value of $2,500, a repayment plan of no more than 12 months, and an interest rate of no more than 26 percent APR.  Acceptable credit building products shall be identified by the bank commissioner.  The bank commissioner shall adopt rules pursuant to RSA 541-A to implement the provisions of this paragraph.

2  Effective Date.  This act shall take effect 60 days after its passage.