Bill Text - HB457 (2017)

Relative to consumer credit division entities.


Revision: June 12, 2017, 9:15 a.m.

CHAPTER 103

HB 457-FN - FINAL VERSION

 

8Mar2017... 0439h

2017 SESSION

17-0522

08/03

 

HOUSE BILL 457-FN

 

AN ACT relative to consumer credit division entities.

 

SPONSORS: Rep. Hunt, Ches. 11

 

COMMITTEE: Commerce and Consumer Affairs

 

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AMENDED ANALYSIS

 

This bill:

 

I.  Adds certain requirements for mortgage services.

 

II.  Expands the definition of small loans.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

8Mar2017... 0439h 17-0522

08/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT relative to consumer credit division entities.

 

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

 

103:1  License Required; Mortgage Servicers Added.  Amend RSA 397-A:3, X to read as follows:

X.  A branch office of a mortgage banker, [or] mortgage broker, or mortgage servicer shall be licensed prior to conducting business at such location.

103:2  License Application; Mortgage Servicers.  Amend RSA 397-A:5, III(a) to read as follows:

(a)  The mortgage banker, mortgage broker, or mortgage servicer license issued for the licensee's principal place of business shall be referred to as a "principal office license.''  Each additional license issued for New Hampshire mortgage lending, [or] brokering, or servicing activity occurring in a location that is separate from the licensee's principal place of business shall be referred to as a "branch office license.''

103:3  Examination Costs; Consumer Credit Division Entities; Reports.  Amend RSA 383:11, II(c) to read as follows:

(c)  From consumer credit division entities.  Each entity subject to the supervision of the commissioner under the provisions of RSA 361-A, RSA 397-A, RSA 399-A, RSA 399-D, and RSA 399-G, shall be charged and shall pay such proportion of the balance applicable to the consumer credit administration division under the department's accounting unit designation as the gross revenue received from the total dollar volume of loans made, originated, funded, or brokered, or debt adjustment contracts entered into, or mortgage servicing fees received or money transmitted from each entity's New Hampshire business bears to the total gross revenue received from the total dollar volume of the loans made, originated, funded, or brokered, or debt adjustment contracts entered into, or mortgage servicing fees received, or money transmitted, from New Hampshire business by all entities during the preceding calendar year ending December 31, as shown by their [annual] reports to the commissioner.

103:4  Examinations; Intent to Deceive.  Amend RSA 397-A:12, XVI to read as follows:

XVI.  No licensee or person subject to investigation or examination under this section may knowingly and with intent to deceive withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.  Such actions shall be fraud under the chapter.

103:5  Small Loan; Definition.  Amend RSA 399-A:1, XX to read as follows:

XX.  "Small loan'' means a title loan, payday loan, open-end loan, or closed-end loan that:

(a)  Is $10,000 or less; [and]

(b)  Has an annual percentage rate of 10 percent or more except for the lawful fees, if any, actually and necessarily paid out by the lender to any public officer, for filing or recording in any public office any instrument securing such loan and except for the reasonable costs, charges, and expenses, including court costs actually incurred in connection with a repossession of the security or an actual sale of the security; and

(c)  Is for personal, family, or household use.

103:6  Exemptions.  Amend RSA 399-A:3, I to read as follows:

I.  Any person lawfully engaged in business as permitted by the laws of this state, the laws of any other state, or federal law [or of the United States] relative to banks, trust companies, insurance companies, savings or building and loan associations, or credit unions, or to loans made by them.

103:7  Mistatements on Annual Reports.  Amend RSA 397-A:17, V(e) to read as follows:

(e)  Has made a false or misleading statement to the commissioner or has materially misstated information in any reports to the commissioner;

103:8  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: June 08, 2017

Effective Date: August 07, 2017