Revision: March 27, 2014, midnight
SB 361 – AS AMENDED BY THE SENATE
03/06/14 0635s
2014 SESSION
08/04
SENATE BILL 361
AN ACT relative to the licensing requirements for mortgage bankers and brokers.
SPONSORS: Sen. Carson, Dist 14; Sen. Hosmer, Dist 7; Rep. Goley, Hills 8
This bill makes various changes to the statutes relative to the licensing of mortgage bankers and brokers.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/06/14 0635s
14-2746
08/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fourteen
AN ACT relative to the licensing requirements for mortgage bankers and brokers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Mortgage Bankers and Brokers; License Required. Amend RSA 397-A:3, V(b)(4)-(5) to read as follows:
(4) Files and maintains a bond in accordance with RSA 397-A:5, III(c) to cover the business conducted by its originators; [and]
(5) Licenses its originators in this state through the Nationwide Mortgage Licensing System and Registry; and
(6) Cooperates with and provides access to records and documents required by the commissioner to carry out examinations of its licensed originators’ activities in accordance with RSA 397-A:12.
2 New Paragraph; Mortgage Bankers and Brokers; License Required. Amend RSA 397-A:3 by inserting after paragraph V the following new paragraph:
VI. For purposes of licensing its mortgage loan originators in this state, other entities and financial institutions not otherwise required to be licensed under this chapter may voluntarily make a filing on the Nationwide Mortgage Licensing System and Registry as an exempt entity and in such case shall comply with subparagraphs V(b)(1), (3), (4), (5), and (6).
3 Mortgage Bankers and Brokers; Prohibitions. Amend RSA 397-A:3-a, III to read as follows:
III. No individual may act as a [mortgage banker or broker] principal for more than one mortgage broker, mortgage servicer, mortgage banker, or other financial institution at the same time, unless the entities are affiliates.
4 Mortgage Bankers and Brokers; License Application; Requirements. Amend RSA 397-A:5, IV-c(b)(1)(B)-(C) to read as follows:
(B) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; [and]
(C) Two hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(D) Two hours of New Hampshire mortgage law education if the person did not previously pass a written test specific to New Hampshire mortgage laws; and
5 Mortgage Bankers and Brokers; Lending Practices. Amend RSA 397-A:14, I to read as follows:
I. Any first mortgage loan, other than a reverse mortgage, made under the provisions of this chapter shall provide for the computation of interest on a simple interest basis.
6 Effective Date.
I. Section 4 of this act shall take effect January 1, 2015.
II. The remainder of this act shall take effect 60 days after its passage.