New Hampshire

Licensing: New Hampshire payday loan laws are based on the New Hampshire Small Loan Act. In the Act it states that the application for a license to operate in New Hampshire must be in writing and contain the location of the business, the names and addresses of partners, officers, directors, or the trustees of the applicant. Each person(s) that applies for license in New Hampshire is required to pay a $450 annual license fee.

Loan renewal: Under the New Hampshire Small Loan Act a person can renew a payday loan, but only if they use the proceeds to pay off the existing loan. In such case, a new agreement must be written up between the lender and the borrower. Loan fees: Currently in the state of New Hampshire there are no caps on fees that lenders can charge.

Requirements: Under the New Hampshire Small Loan Act, no payday lender is allowed to advertise misleading statements in regards to fees, rates or terms. Any payday loan lender in New Hampshire that commits this act is subject to serious fines or termination of license privileges. In New Hampshire complaints about payday loan lenders are filed in writing with the bank commissioner. The complaint then is cent registered mail to the lender for response. The lender then has 30 days after receiving the notice to write and acknowledge the customer and the banking department.