Emergency Rule Petitioned
AFSA’s State Government Affairs team sent a petition for emergency rule or order to the New Hampshire Bank Commissioner regarding NH HB 1243. AFSA has been continuously engaged with the New Hampshire Banking Department throughout the finalization process of HB 1243, a substantial re-write of the state’s longstanding vehicle finance code.
The petition urged the commissioner to postpone the enforcement of new provisions outlined in HB 1243, signed into law by Governor Sununu on August 2nd. AFSA argues that the immediate implementation of these provisions is impractical. The letter emphasizes that the required changes, including updates to forms and operational procedures, cannot be immediately complied with. This creates a challenging situation where dealers and financiers must either continue under the old rules or halt vehicle sales, both of which could disrupt consumer access to vehicle financing.
AFSA requests an emergency rule to delay enforcement until January 1, 2025, to prevent unnecessary interruptions in vehicle financing. AFSA stresses that the new law’s retroactive effective date exacerbates the problem, particularly for members who rely on securitization for funding. Without this critical source of funding, the ability of these members to support vehicle purchases in the state could be severely impacted, ultimately harming both dealers and consumers.
This petition and SGA’s other recent letters can be found in the direct advocacy section of AFSA’s website.
August 29th, 2024
