Section 361-A:2 – Licensing of Sales Finance Companies and Retail Sellers Required.
361-A:2 Licensing of Sales Finance Companies and Retail Sellers Required. – I. No person shall engage in the business of a sales finance company or retail seller in this state without a license therefor as provided in this chapter. Persons subject to this chapter shall be responsible for the supervision of their employees, agents, […]
Section 361-A:2-a – License Surrender.
361-A:2-a License Surrender. – I. (a) A licensee who ceases to engage in the business of a sales finance company or retail seller at any time during a license year for any cause, including but not limited to bankruptcy, license revocation or voluntary dissolution, shall surrender such license in person or by registered or […]
Section 361-A:2-b – Annual Report.
361-A:2-b Annual Report. – I. (a) Each sales finance company licensee shall file, under oath, an annual report through the Nationwide Multistate Licensing System and Registry on or before March 31 each year concerning operations for the preceding year or license period ending December 31 upon a form prescribed by the commissioner. (b) A […]
Section 361-A:3 – Suspension or Revocation of Licenses.
361-A:3 Suspension or Revocation of Licenses. – I. The commissioner may issue an order requiring a person to whom any license has been granted or any person under the commissioner’s jurisdiction to show cause why the license should not be revoked or penalties should not be imposed, or both, for violations of this chapter. […]
Section 361-A:3-a – Cease and Desist Orders.
361-A:3-a Cease and Desist Orders. – I. Whenever the commissioner has reasonable cause to believe that any person is engaging in the business of a sales finance company or retail seller without obtaining a license as provided in this chapter, or has engaged or is about to engage in any act or practice constituting […]
Section 361-A:3-b – Prohibitions.
361-A:3-b Prohibitions. – I. It is unlawful for any person, in connection with the solicitation, offer, or closing of a loan, directly or indirectly: (a) To employ any device, scheme, or artifice to defraud; (b) To make any untrue statement of a material fact or to omit to state a material fact necessary in […]
Section 361-A:4 – Filing of Complaints.
361-A:4 Filing of Complaints. – Any retail buyer having reason to believe that the provisions of this chapter relating to his retail installment contract have been violated may file with the commissioner a written complaint setting forth the details of such alleged violation; and the commissioner, upon receipt of such complaint, may inspect the […]
Section 361-A:1 – Definitions.
361-A:1 Definitions. – The following terms as used in this chapter shall have the following meanings unless the context or subject matter otherwise requires: I. "Balloon payment" means any retail installment contract repayment option under which: (a) The retail buyer is required to repay the entire amount of any outstanding balance as of a […]