Mortgage crisis spurs second look at consumer protection law

[Robbien]

Source: AP

CONCORD, N.H. - The subprime mortgage crisis is prompting some people to take another look at New Hampshire's consumer protection law.

Six years ago, the Legislature changed the law to exempt the banking, insurance, public utilities and securities industries from the law's protection against unfair or deceptive trade or practices. That means if you've been harmed by an unscrupulous mortgage broker, payday lender or insurance agent, you can't bring a lawsuit to recover damages.

Critics say New Hampshire has one of the weakest consumer protection laws in the country. But supporters of the law say consumers are better off having state regulators protect their rights rather than having to sue businesses if they're harmed.

Read more: http://www.seacoastonline.com/apps/pbcs.dll/article?AID=/20080323/NEWS/80323003/-1/NEWS19&sfad=1

[Joanne98]

1. Good. k&r

[PSPS]

2. "Six years ago, the Legislature changed the law"

Six years ago, the Legislature changed the law to exempt the banking, insurance, public utilities and securities industries from the law's protection against unfair or deceptive trade or practices.

Gee, sounds reasonable to me. Who could have predicted that an industry clamoring for immunity from responsibility for wrongdoing might have any nefarious motive for doing so?

[ShockediSay]

3. So who have the lobbyists been paying off and what are those

payees (on the payroll) going to do fur us?