In the Media
Lenders Scramble to Comply With ‘Flubbed’ NH Law Rollout
Read Time: 1 minMember Kelly Lipinski (Cleveland) was interviewed by Auto Finance News on August 30, 2024, in “Lenders Scramble to Comply With ‘Flubbed’ NH Law Rollout.” She discusses a New Hampshire bill impacting auto sales and the challenging rollout timeline.
New Hampshire on Aug. 2 passed a bill amending the state’s Motor Vehicle Retail Installment Sales Act that enacts several new requirements related to ancillary products, fees and disclosures, Kelly Lipinski, member at law firm McGlinchey, told Auto Finance News.
The effective date is a major challenge facing companies looking to comply with updated requirements, Lipinski said, adding that new regulation around ancillary products and fees are particularly challenging for the industry.
“This has been an evolving series of compliance and operational challenges since this was signed by the governor on Aug. 2,” she said.
The timing of the requirement may be a challenge for finance companies, Lipinski said.
“The statute is not clearly drafted on when the 21-day period accrues, and we are trying to figure out what is consistent with the spirit of the statute as well as with consumer protections,” she said.