Bill Text: NH HB590 | 2019 | Regular Session | Introduced


Bill Title: Repealing the exemption for federally chartered banks under the consumer protection act.

Spectrum: Bipartisan Bill

Status: (Introduced) 2019-03-11 - Retained in Committee [HB590 Detail]

Download: New_Hampshire-2019-HB590-Introduced.html

HB 590-FN - AS INTRODUCED

 

 

2019 SESSION

19-0622

11/03

 

HOUSE BILL 590-FN

 

AN ACT repealing the exemption for federally chartered banks under the consumer protection act.

 

SPONSORS: Rep. Luneau, Merr. 10; Sen. Feltes, Dist 15

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill removes trade or commerce subject to federal banking regulators from the list of exempted transactions under the New Hampshire consumer protection act.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0622

11/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT repealing the exemption for federally chartered banks under the consumer protection act.

 

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

 

1  Regulation of Business Practices for Consumer Protection; Exempt Transactions.  Amend RSA 358-A:3, I to read as follows:

I.  Trade or commerce that is subject to the jurisdiction of the bank commissioner, the director of securities regulation, the insurance commissioner, the public utilities commission, the financial institutions and insurance regulators of other states, or federal [banking or] securities regulators who possess the authority to regulate unfair or deceptive trade practices.  This paragraph includes trade or commerce under the jurisdiction of, and regulated by, the bank commissioner pursuant to RSA 361-A, relative to retail installment sales of motor vehicles.

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

 

LBAO

19-0622

1/3/19

 

HB 590-FN- FISCAL NOTE

AS INTRODUCED

 

AN ACT repealing the exemption for federally chartered banks under the consumer protection act.

 

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

 

 

 

Estimated Increase / (Decrease)

STATE:

FY 2020

FY 2021

FY 2022

FY 2023

   Appropriation

$0

$0

$0

$0

   Revenue

$0

$0

$0

$0

   Expenditures

Indeterminable Increase

Indeterminable Increase

Indeterminable Increase

Indeterminable Increase

Funding Source:

  [ X ] General            [    ] Education            [    ] Highway           [    ] Other

 

 

 

 

 

METHODOLOGY:

This bill removes trade or commerce subject to federal banking regulators from the list of exempted transactions under the New Hampshire consumer protection act.

 

The Department of Justice is responsible for enforcing the consumer protection act.  The Department indicates the fiscal impact of this bill is indeterminate.  The Department cannot estimate either the number of cases that may be generated or the number of hours necessary to investigate and/or prosecute such a violation.

 

The Banking Department indicates it does not regulate federal chartered banks and the bill would have no fiscal impact on the Department.

 

AGENCIES CONTACTED:

Departments of Justice and Banking

 

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