Part 9 — Cost of Credit Disclosure Division 1 Interpretation and Application
78 Changes in interest rate
rate, the credit grantor must, at least once every 12 months, deliver
to the borrower a disclosure statement containing the information
prescribed by the regulations for the period covered by the
statement.
RSA 2000
(2) Where the interest rate may be changed but is not a floating
rate, the credit grantor must, within 30 days after increasing the
annual interest rate to a rate that is at least 1% higher than the rate
most recently disclosed to the borrower, deliver to the borrower a
disclosure statement containing the information prescribed by the
regulations.
(3) Where, as a result of an increase in the outstanding principal
because of a missed or late payment or the imposition of a default
charge, the scheduled payments under a scheduled-payments credit
agreement will not cover interest that will accrue between
payments, the credit grantor must give the borrower notice in
writing to that effect within 30 days after the outstanding principal
increases.
1998 cF-1.05 s78