HB 143 – AS INTRODUCED
2005 SESSION
05/01
HOUSE BILL 143
AN ACT relative to real estate appraisals.
SPONSORS: Rep. Scanlon, Hills 18
This bill requires a real estate appraiser to provide a copy of the appraisal to the mortgage applicant as well as to the bank or lending institution. Current law permits a mortgage applicant to make a written request to the lender for a copy of the appraisal.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05-0229
05/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
AN ACT relative to real estate appraisals.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Lender’s Rights and Broker’s Rights; Borrower’s Right to Real Estate Appraisal Report. Amend RSA 397-A:16, I to read as follows:
I. Lenders may charge fees and points for services rendered in conjunction with the origination, closing and servicing of loans; provided, however, that the lender issues a written disclosure to the borrower stating the estimated amount and purpose of all fees and expenses within 3 business days of the receipt of a loan application. If any fee is collected in advance of the closing of the loan, the lender shall provide the borrower with a written explanation of the purpose and disposition of the fee. A lender may charge an application fee which may include the direct costs incurred by the lender for processing an application, and for a real estate appraisal, a credit bureau report, or for income verification or other third party services. Notwithstanding RSA 479:30, a borrower who pays a lender a fee for a real estate appraisal report, or who pays an application fee to a lender which includes costs for a real estate appraisal, whether designated as a separate fee therefor or not, shall[, upon written request, be entitled to obtain from the lender a copy of the real estate appraisal report] receive a copy of the appraisal report directly from the appraiser within 7 days of the lender’s receipt of the original report. The [lender] appraiser shall certify on such copy that it is a true copy of the original report. [Such certified copy shall be provided to the borrower within 10 business days of the date the lender receives a borrower’s request, receives the report from the appraiser, or receives such application or appraisal fee from the borrower, whichever is last to occur.]
2 Second Mortgage Home Loans; Interest and Interest Rates; Appraisal Report. Amend RSA 398-A:2,VII to read as follows:
VII. Lenders may charge fees and points for services rendered in conjunction with the origination, closing and servicing of loans; provided, however, that the lender issues a written disclosure to the borrower stating the estimated amount and purpose of all fees and expenses within 3 business days of the receipt of a loan application. If any fee is collected in advance of the closing of the loan, the lender shall provide the borrower with a written explanation of the purpose and disposition of the fee. A lender may charge an application fee which may include the direct costs incurred by the lender for processing an application, and for a real estate appraisal, a credit bureau report, or for income verification or other third party services. Notwithstanding RSA 479:30, a borrower who pays a lender a fee for a real estate appraisal report, or who pays an application fee to a lender which includes costs for real estate appraisal, whether designated as a separate fee therefor or not, shall[, upon written request, be entitled to obtain from the lender a copy of the real estate appraisal report] receive a copy of the appraisal report directly from the appraiser within 7 days of the lender’s receipt of the original report. The [lender] appraiser shall certify on such copy that it is a true copy of the original report. [Such certified copy shall be provided to the borrower within 10 business days of the date the lender receives a borrower’s request, receives the report from the appraiser, or receives such application or appraisal fee from the borrower, whichever is last to occur.]
3 Mortgages of Realty; Copy of Real Estate Appraisal for Loan Applicant. Amend RSA 479:30 to read as follows:
479:30 Real Estate Appraisals. Whenever a person pays a fee to any bank, mortgage company or other lending institution for a real estate appraisal which is a component of [his] the application for a loan, he or she shall have the right to receive from [such bank or lending institution one copy of the original appraisal free of charge] the appraiser a copy of the appraisal report within 7 days of the bank or lending institution’s receipt of the original report.[ The request for the copy shall be made in writing.]
4 Effective Date. This act shall take effect January 1, 2006.