Bill Text: NH HB654 | 2019 | Regular Session | Enrolled
Bill Title: Relative to surety required on construction loans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-06-24 - Signed by Governor Sununu 06/21/2019; Chapter 116; Eff: 08/20/2019 [HB654 Detail]
Download: New_Hampshire-2019-HB654-Enrolled.html
HB 654 - VERSION ADOPTED BY BOTH BODIES
19Mar2019... 0939h
2019 SESSION
19-0796
11/05
HOUSE BILL 654
AN ACT relative to surety required on construction loans.
SPONSORS: Rep. Butler, Carr. 7
COMMITTEE: Commerce and Consumer Affairs
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AMENDED ANALYSIS
This bill grants discretion to the housing finance authority to require bonds, bond equivalents, or any other surety to assure performance on contracts awarded.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19Mar2019... 0939h 19-0796
11/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT relative to surety required on construction loans.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Housing Finance Authority; Bonds by Certain Mortgagors. Amend RSA 204-C:10 to read as follows:
204-C:10 Bonds by Certain Mortgagors. On all construction loans for the construction or rehabilitation of 11 or more dwelling units, as defined by the authority pursuant to adopted rules, the authority shall require bonds to be furnished by the mortgagor, [or] an equivalent escrow or letter of credit arrangement supervised by the authority, or any other surety sufficient, to assure performance by the contractor party to the contracts awarded to carry on such work, and to assure payment out of the construction loan funds for all labor and materials for which claimants would be able to claim a mechanic's lien pursuant to RSA 447.
2 Area of Operation; Sole Statewide Public Housing Agency. Amend RSA 204-C:11 to read as follows:
204-C:11 Area of Operation; Sole Statewide Public Housing Agency. The area of operation of the authority shall be the entire state. The authority is a public housing agency as defined in the United States Housing Act of 1937. The authority is the only statewide public housing agency and is the sole entity authorized in New Hampshire to undertake any statewide contract administration for section 8 project housing assistance contracts issued under the United States Housing Act of 1937. The authority may subcontract such work to any other entities it determines, in its sole judgment, to be qualified to perform the work.
3 Effective Date. This act shall take effect 60 days after its passage.
