NH Rev Stat § 399-D:15 (2021)
2021 New Hampshire Revised Statutes|Title XXXVI - Pawnbrokers and Moneylenders|Title 399-D - Debt Adjustment Services|Section 399-D:15 - Provisions Applicable to Debt Management Plans Under This Chapter.

    399-D:15 Provisions Applicable to Debt Management Plans Under This Chapter. –||I. Fees shall be amortized equally each month over the length of the contract.||II. A licensee shall not be entitled to any fee until the contract has been in effect for at least 30 days, and thereafter, the monthly amortized fee may be charged at 30-day intervals for the term of contract, except in the event of prepayment or cancellation thereof.||III. A licensee shall not receive any fee unless it receives the written acceptance of creditors which hold at least 25 percent of the debtor's total amount of indebtedness, and either:||(a) At least 25 percent of the total number of creditors listed in the contract; or||(b) A distribution of payment to at least 25 percent of the total number of creditors.||IV. A creditor or its attorney shall have access to all records regarding such written acceptance as stated in paragraph III.||V. The licensee's fees shall be based on the total indebtedness as stated in the contract and shall not exceed:||(a) 10 percent when the plan of payment is for a period of 10 months or less; or||(b) 12 1/2 percent when the plan of payment is for a period of more than 10 months but less than 18 months; or||(c) 15 percent when the plan of payment is for a period of 18 months or more.||VI. If the debtor gives the licensee 30 days' written notice of cancellation and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:||(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or||(b) $50.||VII. If the debtor willfully defaults by failing to pay the contractually obligated payments for a period of 30 days and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:||(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or||(b) $50.||VIII. The licensee shall notify the debtor's creditors or their attorneys in writing within 10 calendar days of cancellation.||IX. The licensee shall remit funds to creditors, less the licensee's prorated fees within 10 calendar days of receipt of a complete monthly payment.||X. The licensee shall provide the debtor with a written statement of the debtor's account:||(a) Every 90 days;||(b) Upon the debtor's verbal request at any time during the contract term; and||(c) At the termination or cancellation of the contract.||XI. No licensee shall execute a contract unless a completed, written budget analysis indicates the debtor can meet the requirements of the debt management plan.||XII. Each licensee shall maintain a separate, pooled bank account for the debtors' benefit in which all debtors' payments shall be deposited within 24 hours of receipt thereof. All such payments shall remain in such bank account until the licensee remits funds to either a debtor or creditor thereof.|||Source. 2016, 151:1, eff. Jan. 1, 2017.|