Small Loan, Payday Loan, Title Loan Lenders
Small Loan, Payday Loan, Title Loan Lenders Forms and Reports.
All new Small Loan Lender licensing in New Hampshire is done via the Nationwide Multistate Licensing System (NMLS).
If your company is currently licensed and changes of ownership or status occur the company must update the NMLS. Follow up information may be requested.
All fees for licenses and registrations are nonrefundable and payable in advance. In the event of an overpayment, a refund request would need to be reviewed and approved by the Banking Department.
What is a Small Loan Lender?
NH RSA 399-A defines a small loan with 4 things in mind:
- Loan is made in NH or with a NH consumer (loans done over the internet with a NH consumer counts)
- Loan is for personal, family, or household use.
- Loan is $10,000 or less, and
- Loan has an APR over 10%
Am I a Small Loan Lender?
Who is a small loan lender? Please review NH RSA 399-A:1, XII for the full definition of lender. This includes, but is not limited to, entities in any part of the process of a NH small loan, including lead generating, taking an application/brokering while utilizing a financial institution to fund the loan, funding loans, and holding the servicing rights.
Annual Reports must be completed on or before March 31st of each year concerning the operations of the preceding year and then uploaded to NMLS. Surrendering the licensee does not relieve the licensee of this responsibility. Copies of the forms are as follows:
Licensees must be in compliance with all applicable state and federal laws. The main NH law that is applicable to small loan lenders is NH RSA 399-A.
Licensees are required to be examined at least every 24 months, though it may be sooner or more frequent as needed. The Consumer Credit FAQ page gives additional information for what is to be expected for examination.