New Hampshire (“NH”) interest rate laws are generally stated in NH Revised Statutes, Title 31 (Trade and Commerce), Chapter 336 (Interest). Under Section 336:1, the state legal maximum interest rate is ten percent per annum in the absence of a written agreement. Interest rates on money judgments are determined by the state treasurer.
Some transactions and institutions are exempted from the state prescribed interest rate. They are: Educational institutions (Section 195-F:15), public utility (Section 374-C:14), pawnbrokers and small loans (Section 399-A:3), and consumer credit (Section 358-K:1).
RSA 336:1 reads:
“336:1 Rate of Interest.
I. The annual rate of interest in all business transactions in which interest is paid or secured, unless otherwise agreed upon in writing, shall equal 10 percent. No consumer credit transaction, as defined in RSA 358-K:1, V, shall be subject to this paragraph. If agreed upon in writing, interest on business transactions may include charging other than simple interest.
II. The annual simple rate of interest on judgments, including prejudgment interest, shall be a rate determined by the state treasurer as the prevailing discount rate of interest on 26-week United States Treasury bills at the last auction thereof preceding the last day of September in each year, plus 2 percentage points, rounded to the nearest tenth of a percentage point. On or before the first day of December in each year, the state treasurer shall determine the rate and transmit it to the director of the administrative office of the courts. As established, the rate shall be in effect beginning the first day of the following January through the last day of December in each year.”
RSA 195-F:15 reads in part:
“195-F:15 Limitations not Applicable; Contracts of Educational Institutions; Terms of Bonds.
Notwithstanding the provisions of any law or statute applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, every educational institution is hereby authorized and empowered to contract to pay interest on, or an interest cost per annum for, money borrowed from the bank and evidenced by their educational institution bonds purchased by the bank notwithstanding any statutory limitation as to rate of interest per annum payable or as to annual interest cost to maturity of money borrowed by such educational institution….”
****
RSA 374-C:14 reads in part:
“374-C:14 Limitations Not Applicable; Contracts of Public Utilities; Terms of Bonds.
Notwithstanding the provisions of any law or statute applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, every public utility is hereby authorized and empowered to contract to pay interest on, or an interest cost per annum for, money borrowed from the bank and evidenced by their utility bonds purchased by the bank notwithstanding any statutory limitation as to rate of interest per annum payable or as to annual interest cost to maturity of money borrowed by such public utility….”
****
