OVERVIEW HB 1243, which repealed and reenacted RSA 361-A (the Retail Installment Contract law), was signed into law on Aug. 2, 2024, by Gov. Sununu. The provisions of RSA 361-A went into effect upon signing. The New Hampshire Banking Department (NHBD), which has always had authority over retail vehicle sellers, now plans to do an electronic exam of all licensees. Due to RSA 361-A, the NHBD requires Retail Sellers and Sales Finance Companies to obtain a separate $25,000 electronic surety bond in addition to the dealer bond mandated by the New Hampshire DMV. Through an exclusive partnership with Cross Insurance, a discounted electronic surety bond is available to NHADA members for $125 a year. To request more information about this, scan the QR code. https://www.nhada.com/benefits/bonds THE AMENDED MOTOR VEHICLE RETAIL INSTALLMENT SALES ACT What You Need to Know BY DAN BENNETT, REM, IOM, CAE PRESIDENT, NHADA ENROLLMENT Businesses will be contacted by the NHBD for the electronic exam, at which point they will enroll in the electronic system. Once the examination begins, you will have 30 days to provide a customer list and an additional 60 days to upload transactional files to support the areas of examination. At this point, there is no way to request your exam. The NHBD will be contacting businesses chronologically by date of licensure. PROCESS Following the initial alert, businesses will be assigned an examiner who will remain their point of contact throughout the exam, and: 1. Get set up in the state’s examination system. You will be prompted to assign a contact person/site administrator for your business and enroll in a third-party authentication system to log in. Note: It is recommended you create more than one contact person/site administrator, so you have a backup in the event of an unexpected leave of absence or other event. 2. Work through the requested information over the course of 90 days (see the 30-day/60-day structure previously mentioned). The NHBD will not look at all loans; it will just look for a sample and will look for completeness (bill of sale, trade-in payoff date, etc.). It will also look for who you sold the loan to. To see an entire summary of the examiner’s areas of review, along with the information that will be requested, please see the handout from the Feb. 20, 2025, session by scanning the QR code. https://4829685.fs1.hubspotusercontent-na1.net/ hubfs/4829685/NHBD_SessionHandout.pdf 3. Important Notes: • Pay particular attention to the column headers on the questions asked on the Excel file (see QR code under No. 2). For example, if it is marked SF for sales finance company, it does not apply to retail sellers. • The NHBD will be reviewing only a small percentage of files, looking for completeness of forms and statutory compliance. Their goal is to conduct short, compact examinations. 6
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