Bill Text - HB385 (2011)

Relative to the applicability of licensure requirements for mortgage bankers and brokers.


Revision: Jan. 27, 2011, midnight

HB 385-FN – AS INTRODUCED

2011 SESSION

11-0491

01/03

HOUSE BILL 385-FN

AN ACT relative to the applicability of licensure requirements for mortgage bankers and brokers.

SPONSORS: Rep. Drisko, Hills 5; Rep. J. Belanger, Hills 5

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill adds an exemption to the licensure law regarding mortgage bankers and brokers for persons who negotiate no more than 12 residential mortgage loans in any calendar year.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

11-0491

01/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eleven

AN ACT relative to the applicability of licensure requirements for mortgage bankers and brokers.

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

1 New Paragraph; Licensing of Mortgage Bankers and Brokers; Exemption Added. Amend RSA 397-A:4 by inserting after paragraph V the following new paragraph:

VI. An individual who offers or negotiates no more than 12 residential mortgage loans in any calendar year.

2 Effective Date. This act shall take effect January 1, 2012.

LBAO

11-0491

01/14/11

HB 385-FN - FISCAL NOTE

AN ACT relative to the applicability of licensure requirements for mortgage bankers and brokers.

FISCAL IMPACT:

      The Banking Department states this bill may decrease state restricted revenue by an indeterminable amount in FY 2012 and each year thereafter. There is no fiscal impact on county and local revenue or state, county and local expenditures.

METHODOLOGY:

    The Banking Department states this bill exempts mortgage bankers and brokers who negotiate no more than 12 residential mortgage loans in a calendar year from the licensure law. The Department states it does not readily have information available to determine the number of individuals currently licensed or the number of individuals that may seek licensure where this exemption would apply. The Department states this bill may have a negative but indeterminable fiscal impact on licensing revenue.

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