An Analysis of Structured Finance, Financial Assets and Related Topics
In response to the significant ambiguities raised by New Hampshire’s recent amendments to its Motor Vehicle Retail Installment Sales Act — not to mention their immediate effectiveness and draconian liability provisions — the state’s Banking Department has issued several nuggets of guidance.
Recently, the Department sought to address the pressing question of whether persons involved…
On August 2, 2024, New Hampshire enacted legislation that significantly revises its Motor Vehicle Retail Installment Sales Act, effective July 1, 2024.
Unfortunately, that effective date is not a typographical error. The New Hampshire Banking Department apparently tried during the legislative process to extend the effective date until January 1, 2025, but that extension did…
Minnesota Statute § 53C.02 prohibits a person from engaging in the business of a “sales finance company” within the State of Minnesota without a motor vehicle sales finance company license. Section 53C.01, subd. 12 defines a sales finance company as:
“…a person engaged, in whole or in part, in the business of purchasing retail installment contracts in this state from one or more retail sellers…”Continue Reading Minnesota issues guidance on definition of “sales finance company” for licensing purposes
