MHHS · Consumer Protection Act
Part 9 — Cost of Credit Disclosure Division 1 Interpretation and Application
98 Statutory damages
grantor is an excusable error for the purposes of this section if
(a) the credit grantor had a compliance procedure when the
contravention occurred,
(b) the contravention was acci dental or the result of an
employee's or agent's failure to follow the compliance
procedure, and
(c) on discovering the contravention, the credit grantor
promptly took steps to minimize its effect on any affected
borrower.
(2) Where a credit grantor contravenes this Part or the regulations
in relation to a credit agreement and the contravention is not an
excusable error, the borrower is entitled, in addition to any other
remedy to which the borrower may be entitled under this Part, to
RSA 2000
recover from the credit grantor in an action the statutory damages
provided for by this section.
(3) Subject to subsection (4), the statutory damages for a
contravention of this Part or the regulations are the lesser of $500
and 5% of whichever of the following is applicable:
(a) for a credit agreement fo r fixed credit, the maximum
outstanding balance;
(b) for a lease, the capitalized amount;
(c) for a credit agreement for open credit, the credit limit,
except that the statutory damages are $500 for open credit that does
not specify a credit limit.
(4) Where a contravention of this Part or the regulations relates to
a statement of account for open credit, the statutory damages are
equal to the interest and any non-interest finance charges for the
period covered by the statement of account.
(5) The Court may reduce the statutory damages to which a
borrower would otherwise be entitled under this section if the
Court is satisfied in view of all the circumstances, including any
undertakings as to future compliance with this Part or the
regulations that are given by the credit grantor, that it would be just
and equitable to do so.
(6) Statutory damages to which a borrower is entitled may be set
off against any amount otherwise payable by the borrower to the
credit grantor.
1998 cF-1.05 s98