New Hampshire Credit Repair Laws
New Hampshire has its own credit repair laws found in Credit Service Organizations Act, RSA 359-D (CSO Act). A New Hampshire Credit Repair Company must have a $5,000 surety bond on file with the New Hampshire Secretary of State and be registered as a Credit Repair Organization with the state.
A credit repair company in New Hampshire must also comply with Federal law relating to Credit Repair Organizations Act as well.
Who can I complain to about problems with a New Hampshire Credit Repair company?
New Hampshire Department of Justice
107 North Main Street,
State House, Room 204
Concord, N.H. 03301
603-271-3242
2015 New Hampshire Revised Statutes
Title XXXI – TRADE AND COMMERCE
Chapter 359-D – CREDIT SERVICES ORGANIZATIONS
Section 359-D:2 – Definitions.
359-D:2 Definitions. – In this chapter:
I. “Buyer” means any natural person who is solicited to purchase or who purchases the services of a credit services organization.
II. (a) “Credit services organization” means any person, who, with respect to the extension of consumer credit by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration, a service for the express or implied purpose of:
(1) Improving a buyer’s credit record, credit history, or credit rating.
(2) Obtaining an extension of consumer credit for a buyer.
(3) Providing advice or assistance to a buyer with regard to the buyer’s credit record, credit history, or credit rating.
(b) “Credit services organization” does not include:
(1) A depository institution whose deposits are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration Board, or a depository institution chartered by this state.
(2) Any nonprofit organization exempt from taxation under section 501(c)(3) of the Internal Revenue Code.
(3) A real estate broker licensed by this state and acting within the course and scope of his license.
(4) An attorney licensed by this state or another state rendering services within the course and scope of that license.
(5) Any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of the regulations of these commissions.
(6) Any consumer reporting agency, as defined in RSA 359-B:3, VI, acting within the course and scope of that chapter.
(7) Any person authorized to make loans or extensions of credit under the laws of this state or the United States.
III. “Extension of credit” means the right to defer payment of debt or to incur debt and defer its payment, offered or granted primarily for personal, family, or household purposes.
IV. “Person” means any individual, partnership, corporation, trust, estate, cooperative, association, or other entity.
Source. 1988, 24:2, eff. Jan. 1, 1989.