§412:9-201  Powers that require regulatoryapproval.  (a)  A financial services loan company may sell or refer thefollowing products and services and collect premiums or fees for the sale orreferral thereof only after obtaining the approval of the commissioner:

(1)  Accidental death and dismemberment insurance,whether or not connected with a loan, provided that the purchase of thisinsurance must be voluntary and not required as a condition of a loan.  Theapproval of the insurance commissioner must also be obtained prior to the saleof any insurance product; and

(2)  Auto club memberships and home and automobilesecurity plans, whether or not connected with a loan and extension of credit,provided that the purchase of any such service or product must be voluntary andnot required as a condition of a loan.

(b)  In approving any request to sell or referthe products and services in subsection (a), the commissioner may impose suchconditions and restrictions that are in the public interest.

(c)  A financial services loan company mayissue standby letters of credit only after obtaining the written approval ofthe commissioner.  In approving any request to issue standby letters of creditpursuant to this subsection, the commissioner may impose conditions andrestrictions that are in the public interest.  Any depository financialservices loan company issuing standby letters of credit shall include thosestandby letters of credit with all other loans and extensions of credit for thepurpose of calculating the limit on loans and extensions of credit to oneborrower under section 412:9-404.  Any nondepository financial services loancompany issuing standby letters of credit shall report the aggregate amount oftheir standby letters of credit outstanding under MEMORANDA - Total StandbyLetters of Credit Outstanding, on their financial statements submitted to thecommissioner pursuant to section 412:3-112.  The aggregate amount of thestandby letters of credit outstanding shall not exceed twenty per cent of anondepository financial services loan company's capital and surplus.  Standbyletters of credit issued by a nondepository financial services loan companyshall not be used for consumer loan transactions.  The issuing nondepositoryfinancial services loan company shall identify itself as a nondepositoryfinancial services loan company in the standby letter of credit. [L 1993, c350, pt of §1; am L 1996, c 9, §1]