AFSA’s State Government Affairs team has petitioned the New Hampshire Bank Commissioner for an emergency rule or order concerning NH HB 1243. AFSA has been actively engaged with the New Hampshire Banking Department throughout the finalization process of HB 1243, which represents a significant overhaul of the state’s longstanding vehicle finance code.
The petition urges the commissioner to delay enforcing new provisions outlined in HB 1243, signed into law by Governor Sununu on August 2nd. AFSA contends that immediate implementation is impractical. The letter highlights that necessary changes, including updates to forms and operational procedures, cannot be promptly complied with. This situation forces dealers and financiers to either continue under old rules or halt vehicle sales, potentially disrupting consumer access to vehicle financing.
AFSA requests an emergency rule to delay enforcement until January 1, 2025, aiming to prevent unnecessary interruptions in vehicle financing. The organization stresses that the new law’s retroactive effective date worsens the issue, especially for members who depend on securitization for funding. Without this crucial funding source, these members' ability to support vehicle purchases in the state could be severely impacted, ultimately harming both dealers and consumers.
This petition and other recent letters from SGA can be found in the direct advocacy section of AFSA’s website.