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Can you summarize NHRS Chapter 399-F?
PAWNBROKERS AND MONEYLENDERS (Chapters 398 - 399-G) > CASH DISPENSING MACHINES
Short Summary
This legal document governs the establishment and operation of cash dispensing machines in the state of New Hampshire. It applies to operators, processors, servicing agents, networks, banks, and credit unions. The document sets out the requirements for establishing a cash dispensing machine, including not accepting deposits, loan payments, or account transfers, compliance with the Electronic Funds Transfer Act, and adherence to the provisions of RSA 399-F:3. However, the document does not specify any penalties for non-compliance or violation of its provisions. It also exempts cash dispensing machines or similar electronic devices established by a bank or credit union. Operators of cash dispensing machines are required to provide written notice to the commissioner at least 15 business days prior to the activation date of the machine. The notice must include operator details, location, activation date, types of transactions available, processor’s and servicing agent’s details. A fee of $50 is payable for the initial notice, and an annual notice and fee must be provided before July 1 each year. Any changes to the information or termination of the machine’s operation must be promptly notified to the commissioner. Failure to comply with the requirements may result in the cash dispensing machine not being deemed in compliance until the provisions are fulfilled, and a fee of $100 shall be paid. The servicing agent may submit the required information, documentation, or fees on behalf of the operator. The document also governs the required consumer disclosures for cash dispensing machines operated by pawnbrokers and moneylenders in New Hampshire. Operators must clearly and conspicuously disclose their name, indicate that they are not a bank or credit union, and provide contact information for consumer inquiries or complaints. They must also disclose any fees charged for using the machine, both on a sign posted on the machine and electronically during the transaction. Failure to comply with these disclosure requirements in good faith may be considered an unfair or deceptive act or practice. Sums collected under this chapter are payable to the state treasurer and credited to the appropriation for the commissioner.
Whom does it apply to?
Operators, processors, servicing agents, networks, banks, and credit unions
What does it govern?
Cash dispensing machines
What are exemptions?
Cash dispensing machines or similar electronic devices established by a bank or credit union
What are the Penalties?
No penalties specified
Jurisdiction
New Hampshire