MHHS · Consumer Protection Act
Part 9 — Cost of Credit Disclosure Division 1 Interpretation and Application
71 Acceleration clauses
agreement contains a provision to the effect that on default by the
borrower or on the occurrence of any other event, and whether or
not at the option of the credit grantor, the whole or part of the
outstanding balance becomes immediately payable or is otherwise
accelerated,
(a) the whole or part of the outstanding balance does not
become payable or otherwise accelerated, and
(b) any rate of interest made specially applicable to the
outstanding balance does not become effective,
until written notice of the default or other event is sent by
registered mail to the borrower at the borrower's latest address as
shown on the records of the credit grantor or is served personally
on the borrower.
(2) Despite subsection (1), where the credit grantor sends a notice
by registered mail to the borrower at the borrower's latest address
as shown on the records of the credit grantor,
(a) the whole or part of the outstanding balance does not
become payable or otherwise accelerated, and
RSA 2000
(b) any rate of interest made specially applicable to the
outstanding balance does not become effective,
until 10 days has elapsed from the date that the notice was sent to
the borrower.
1998 cF-1.05 s71