HB530 (2007) Detail

Relative to mortgages held by parties to a divorce.


HB 530 – AS INTRODUCED

2007 SESSION

07-0522

08/09

HOUSE BILL 530

AN ACT relative to mortgages held by parties to a divorce.

SPONSORS: Rep. Converse, Sull 4

COMMITTEE: Commerce

ANALYSIS

This bill requires first mortgage lenders, upon receipt of a written request, to refinance mortgaged property in the name of the person who receives the property under a decree of divorce.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

07-0522

08/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Seven

AN ACT relative to mortgages held by parties to a divorce.

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

1 New Paragraph; Borrower's Rights; Divorce. Amend RSA 397-A:15 by inserting after paragraph VII the following new paragraph:

VIII. Licensees that service first mortgage home loans originated in the state of New Hampshire shall, upon receipt of a written request, refinance a mortgage loan in the name of the party who receives the mortgaged real estate under a decree of divorce and shall remove the name of the party who loses all right, title, and interest to the real estate under the decree.

2 Effective Date. This act shall take effect January 1, 2008.