New Hampshire Credit Card Laws
New Hampshire's attorney general provides a useful guidebook for consumer law, which includes sections on the state's credit card laws. The guidebook contains sections on late payments, minimum payments, credit card disclosure and default. New Hampshire follows the "Delaware Model" in putting credit card contract provisions into law and in placing no cap on interest rates. Therefore, as a consumer, it's important for you to know both your rights and obligations under New Hampshire law.
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Federal Law
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While New Hampshire has its own state law regarding credit cards, New Hampshire, like every state, is subject to federal credit card laws. Two specific federal laws impact New Hampshire credit card laws: the 1968 Truth in Lending Act ("TILA") and the 2009 Credit Card Accountability, Responsibility, and Disclosure Act ("CARD")
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Late Payments
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Credit card companies have reduced grace periods for late payments and often charge substantial late fees for late payments. It's important to follow the payment instructions, as New Hampshire credit card law does not specifically protect consumers from shifting due dates, late fees and reduced grace periods.
Minimum Payments
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New Hampshire credit card law requires that credit card minimum payments cover at least 1% of principal, fees and finance charges.
Disclosure
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TILA requires that credit card companies provide certain information to consumers. It generally allows consumers to file suit against the credit card company for failing to provide that information.
Default
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Many credit card contracts contain fine print called "universal default." When a consumer misses one payment or makes one payment late, that will trigger the "universal default" provisions of any and all cards that have this provision. New Hampshire credit card law does not protect consumers from this practice. Therefore, it's important to always read the fine print.
Disclaimer
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This article is intended to serve as a brief overview of New Hampshire credit card laws. It is not intended to serve as legal advice. To determine how the law applies to the facts of your particular situation, consult a qualified attorney, licensed to practice law in your state.
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- Photo Credit Image by Flickr.com, courtesy of Andres Rueda
