June 15, 2017
On June 8, 2017, New Hampshire Governor Christopher Sununu signed HB 457 which, among other things, clarifies that the Regulation of Small Loans, Title Loans and Payday Loans Chapter (the "Small Loan Law") does not apply to business purpose transactions. Prior to this change, there was some ambiguity as to whether the Small Loan Law applied to business purpose loans, but HB 457 amends the definition of "small loan" to be limited to loans made for "personal, family or household use."
HB 457 further clarifies that the exemption to the Small Loan Law for banks and credit unions, or loans made by them, applies to out-of-state state chartered banks as well as to banks chartered in New Hampshire and under federal law.
HB 457 takes effect on August 7, 2017.