A bill to revive short term loans was recently re-referred to the New Hampshire House Commerce Committee, according to the New Hampshire Business Review.
Since 2009, short term loans and title loans have effectively been banned in the state as a result of annual interest rates being set at 36 percent. However, the House of Representatives recently passed House Bill 57 by a narrow margin of 180-171, resulting in title loans being re-allowed by the state. The short term loans bill - Senate Bill 160 - failed to pass by a 186-179 vote, and an attempt to kill it also failed, this time by just one vote. The bill would allow 14-day loans of no more than $1,000 or one-third of a person's gross income, NHBR reports, which could be extended for a maximum of six months. A re-referral means that it may be brought back at some point in the future. The recent passage of Senate Bill 57 allowed the maximum interest rate on car title loans to be increased from 36 percent per year to 25 percent per month.