Bill Text: NH HB1381 | 2012 | Regular Session | Introduced

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Bill Title: Exempting note finders from licensing requirements for real estate brokers and mortgage brokers.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Failed) 2012-03-07 - House Inexpedient to Legislate: Motion Adopted Voice Vote; House Journal 21, PG.1303 [HB1381 Detail]

Download: New_Hampshire-2012-HB1381-Introduced.html

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HB 1381 – AS INTRODUCED

2012 SESSION

12-2424

08/09

HOUSE BILL 1381

AN ACT exempting note finders from licensing requirements for real estate brokers and mortgage brokers.

SPONSORS: Rep. Mirski, Graf 10; Rep. Winter, Merr 3; Rep. Cohn, Merr 6; Rep. C. McGuire, Merr 8; Rep. Warden, Hills 7; Rep. Bowers, Sull 3

COMMITTEE: Executive Departments and Administration

ANALYSIS

This bill defines note finders and exempts them from licensing requirements for real estate brokers and mortgage brokers.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

12-2424

08/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twelve

AN ACT exempting note finders from licensing requirements for real estate brokers and mortgage brokers.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Paragraph; Note Finder; Definition. Amend RSA 397-A:1 by inserting after paragraph XV the following new paragraph:

XV-a. “Note finder” means a broker who finds notes for sale, finds buyers for notes, and receives a commission or other fee for arranging the sale of the note from the note seller to the note buyer.

2 New Paragraph; Note Finders Exempt. Amend RSA 397-A:4 by inserting after paragraph VI the following new paragraph:

VII. Note finders as defined by RSA 397-A:1, XV-a.

3 New Paragraph; Note Finder; Definition. Amend RSA 331-A:2 by inserting after paragraph VI-b the following new paragraph:

VI-c. “Note finder” means a broker who finds notes for sale, finds buyers for notes, and receives a commission or other fee for arranging the sale of the note from the note seller to the note buyer.

4 New Paragraph; Note Finders Exempt. Amend RSA 331-A:4 by inserting after paragraph IX the following new paragraph:

X. Note finders as defined by RSA 331-A:2, VI-c.

5 Effective Date. This act shall take effect 60 days after its passage.