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Can you summarize NHRS Chapter 384-G?
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS (Chapters 383 - 397-B) > REGULATION OF REVOLVING CREDIT PLANS
Short Summary
This legal document, found in the New Hampshire Revised Statutes, governs the regulation of revolving credit plans. It defines various terms such as ‘bank’, ‘bank commissioner’, ‘borrower’, ‘credit device’, ‘individual borrower’, ’loans’, ‘outstanding unpaid indebtedness’, and ‘purchases’. The document explains that a revolving credit plan allows a borrower to make purchases and obtain loans using a credit device, with the amounts charged to the borrower’s account. The borrower is required to pay the bank the outstanding amounts, with the privilege of paying in full or according to the agreement. The bank may charge interest on the outstanding unpaid indebtedness. The document does not mention any specific exemptions or penalties. The document allows banks to charge and collect various fees and charges as interest in addition to or in lieu of the periodic percentage rate. These fees include daily, weekly, monthly, or annual charges, transaction charges, minimum charges for billing periods with outstanding unpaid indebtedness, fees for services rendered or reimbursement of expenses, returned payment charges, documentary evidence charges, stop payment fees, overlimit charges, automated teller machine charges, prepayment charges, and other fees and charges as specified in the agreement governing the plan. Individual borrowers have the right to pay the outstanding unpaid indebtedness in full at any time without prepayment charges, except for plans secured by a real estate mortgage. The document also states that charges assessed by a bank in accordance with this section shall not be deemed void as a penalty or unenforceable under any statute or common law.
Whom does it apply to?
Banks, borrowers, merchants, financial institutions, government entities
What does it govern?
Regulation of revolving credit plans
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire