SB 408 – AS AMENDED BY THE SENATE
01/23/08 0124s
2008 SESSION
05/03
SENATE BILL 408
AN ACT establishing a committee to study reverse mortgages.
SPONSORS: Sen. Roberge, Dist 9; Sen. Gatsas, Dist 16; Sen. Barnes, Dist 17; Sen. Odell, Dist 8; Sen. Sgambati, Dist 4; Rep. Wendelboe, Belk 1; Rep. Batula, Hills 19
COMMITTEE: Commerce, Labor and Consumer Protection
This bill establishes a committee to study reverse mortgages.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01/23/08 0124s
08-2731
05/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT establishing a committee to study reverse mortgages.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Committee Established. There is established a committee to study reverse mortgages.
2 Membership and Compensation.
I. The members of the committee shall be as follows:
(a) One member of the senate, appointed by the president of the senate, from the commerce, labor and consumer protection committee.
(b) Three members of the house of representatives, appointed by the speaker of the house of representatives.
II. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
3 Duties. The committee shall study reverse mortgages and shall assess the risks and benefits of using a reverse mortgage to fund health care or other long-term care.
4 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named senate member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Two members of the committee shall constitute a quorum.
5 Report. The committee shall report its findings and any recommendations for proposed legislation to the president of the senate, the speaker of the house of representatives, the senate clerk, the house clerk, the governor, and the state library on or before November 1, 2008.
6 Effective Date. This act shall take effect upon its passage.