Section Sw 503.02 - Prize as Collateral(a) A winner may pledge all or any part of a prize as collateral for a loan. Perfection of a security interest in a prize shall be completed by filing with the commission, in addition to any other filings which shall be required, a Standard Uniform Commercial Code Financing Statement containing the information required by RSA 382-A:9-402.(b) In order to be entitled to receive a prize payment or payments from the commission, a secured party shall obtain a certified final order of a court of competent jurisdiction which: (1) Adjudges the prize winner in default of a loan agreement with the secured party;(2) Makes findings with respect to the loan agreements and financing statements constituting the loan transaction which are equivalent to those required pursuant to Sw 503.01(c) and, in addition, a finding that truth-in-lending disclosures set forth in 12 CFR 226.17, 226.18, 226.19 and 226.20 were made; and(3) Identifies specific payments and awards ownership of such payments to the secured party.(c) Nothing in this section shall be construed to: (1) Create or enlarge a cause of action in favor of a secured party; or(2) Alter or impair any rule of law applicable to or governing the rights of a debtor under federal or state lending statutes.N.H. Admin. Code § Sw 503.02
#7094, eff 9-15-99; ss by #8898, eff 9-15-07
Amended by Volume XXXV Number 49, Filed December 10, 2015, Proposed by #10987, Effective 12/3/2015, Expires 12/3/2025.