Bill Text: NH HB740 | 2019 | Regular Session | Enrolled
Bill Title: Exempting certain mortgages from the law regarding licensing of nondepository mortgage bankers, brokers, and servicers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-06-11 - Signed by Governor Sununu 06/05/2019; Chapter 60; Eff: 06/05/2019 [HB740 Detail]
Download: New_Hampshire-2019-HB740-Enrolled.html
HB 740 - VERSION ADOPTED BY BOTH BODIES
19Mar2019... 0449h
2019 SESSION
19-0805
11/05
HOUSE BILL 740
SPONSORS: Rep. Butler, Carr. 7
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill exempts second mortgage loans from RSA 397-A when the second mortgage is funded by a state entity that is exempt from RSA 397-A and is originated by a licensed loan originator in association with the first mortgage.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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... 0449h 19-0805
11/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Exemptions. Amend the introductory paragraph of RSA 397-A:4, III to read as follows:
III. Federal, state, or local governmental agencies, instrumentalities, and corporations and the employees of such entities who act as loan originators and mortgage servicers pursuant to their official duties as employees of the entities provided that[, limited to] with regard to those activities that would otherwise be within the scope of this chapter:
2 New Subparagraph; Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Exemptions. Amend RSA 397-A:4, III by inserting after subparagraph (b) the following new subparagraph:
(c) In addition, if a second mortgage loan is offered in conjunction with a first mortgage loan funded by a state entity exempt under this paragraph, but such second mortgage is negotiated, arranged, found, or procured through a licensed loan originator that is not employed by the exempt state entity, such second mortgage shall be exempt if:
(1) The second mortgage is offered consistent with the standards in subparagraph III(a); and
(2) The licensed loan originator is not compensated for the second mortgage in a manner that incentivizes the loan originator to act other than in the best interest of the consumer.
3 Effective Date. This act shall take effect upon its passage.
