MHHS · Consumer Protection Act
Part 12 — .1
124.1 Payday Loans Interpretation
(a) "cash card" means a card or other device issued, supplied or
provided by a payday lender to the borrower of a payday
loan, instead of an advance of cash or a transfer of money to
the order of the borrower, that can be used to obtain cash or
acquire goods and services, but does not include a credit
card;
(b) "discounting" means the practice of deducting or
withholding from the initial advance of a payday loan an
amount representing any portion of the cost of borrowing;
(c) "licence" means a payd ay loan business licence;
(d) "pay period" means
(i) the period from the date on which a payday loan is
entered into until the day on which the borrower next
receives his or her pay or other income, or
(ii) a period during the term of a payday loan from the day
on which a borrower receives his or her pay or other
income until the day on which the borrower next
receives his or her pay or other income;
(e) "payday lender" means a person who offers, arranges or
provides payday loans;
(f) "payday loan" means any advancement of money with a
principal of $1500 or less and a term of 62 days or less
made in exchange for a post-dated cheque, a pre-authorized
debit or a future payment of a similar nature, but not for any
guarantee, suretyship, overdraft protection or security on
property and not through a margin loan, pawnbrokering, a
line of credit or a credit card;
(g) "payday loan business" means the activity of offering,
arranging for or providing payday loans by a payday lender;
(h) "rollover loan" means the extension or renewal of a payday
loan that imposes additional fees or charges on the
borrower, other than interest, and includes the advancement
of a new payday loan to pay out an existing payday loan.
2016 cE-9.5 s8
RSA 2000