Section 361-A:8 Finance Charge. - New Hampshire Statutes

   I. Notwithstanding the provisions of any other law, the finance charge on any retail installment contract under this chapter shall be such as may be agreed upon by the buyer and the seller or by the buyer and the sales finance company.
   II. Such finance charge shall be computed on the principal balance as determined under paragraph II of RSA 361-A:7 on contracts payable in successive monthly payments substantially equal in amount. Such finance charge may be computed on the basis of a full month for any fractional month period in excess of 10 days. A minimum finance charge of $25 may be charged on any retail installment transaction.
   III. When a retail installment contract provides for unequal or irregular installment payments, the finance charge may be at the effective rates permitted in paragraph I, having due regard for the schedule of payments so that the finance charge may provide the same yield as is permitted in a regular payment transaction.
   IV. Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.

Source. 1961, 193:1. 1980, 501:2, 3. 1981, 127:1. 1995, 63:7, eff. Jan. 1, 1996.