Revision: Feb. 24, 2011, midnight
SB 28 – AS AMENDED BY THE SENATE
02/23/11 0343s
2011 SESSION
09/01
SENATE BILL 28
AN ACT establishing an exemption from the licensing requirements for nondepository first mortgage bankers and brokers for persons providing loans for certain seller-financed transactions.
SPONSORS: Sen. Boutin, Dist 16; Sen. Bradley, Dist 3; Sen. Sanborn, Dist 7; Sen. De Blois, Dist 18; Sen. Gallus, Dist 1; Rep. Hunt, Ches 7; Rep. Dowling, Rock 5; Rep. Warden, Hills 7
This bill establishes an exemption from the licensing requirements for nondepository first mortgage bankers and brokers for persons providing loans for certain seller-financed transactions.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/23/11 0343s
11-0918
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT establishing an exemption from the licensing requirements for nondepository first mortgage bankers and brokers for persons providing loans for certain seller-financed transactions.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Exemption From Licensing of Nondepository First Mortgage Bankers and Brokers. Amend RSA 397-A:4 by inserting after paragraph V the following new paragraph:
VI. An owner of real property who in any 12 consecutive month period makes no more than 3 mortgage loans to purchasers of the property for all or part of the purchase price of the real estate against which the mortgage is secured.
2 Effective Date. This act shall take effect July 1, 2011.