Bill Details - HB585 (2019)

HB 585 - AS INTRODUCED

 

 

2019 SESSION

19-0600

05/10

 

HOUSE BILL 585

 

AN ACT relative to the procedure for mortgage foreclosure.

 

SPONSORS: Rep. Plumer, Belk. 6; Rep. Viens, Belk. 1

 

COMMITTEE: Commerce and Consumer Affairs

 

-----------------------------------------------------------------

 

ANALYSIS

 

This bill provides that if there is a first priority lien on a property, subrogation of the lien shall be required before a mortgagee may foreclose on the property.

 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0600

05/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to the procedure for mortgage foreclosure.

 

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

 

1  Mortgage Foreclosure; Return; Effect; Subrogation.  Amend RSA 479:26, III to read as follows:

III.  Title to the foreclosed premises shall not pass to the purchaser until the time of the recording of the deed and affidavit.  Upon such recording, title to the premises shall pass to the purchaser free and clear of all interests and encumbrances which do not have priority over such mortgage.  If there is an existing first priority encumbrance in place and recorded, and the legal remedy of subrogation was required in order for a mortgagee to be deemed entitled to foreclose, such legal relief must have been sought prior to any attempts to enforce the lien through foreclosure.  Otherwise, the foreclosure sale shall be void.  In the event that the purchaser shall not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void.

2  Effective Date.  This act shall take effect 90 days after its passage.

Docket

Date Status
Jan. 3, 2019 Introduced 01/03/2019 and referred to Commerce and Consumer Affairs HJ 3 P. 21
Feb. 20, 2019 Public Hearing: 02/20/2019 01:30 pm LOB 302
Feb. 21, 2019 Subcommittee Work Session: 02/21/2019 10:30 am LOB 304
Feb. 21, 2019 ==RECESSED== Executive Session: 02/21/2019 02:00 pm LOB 302
Feb. 26, 2019 Subcommittee Work Session: 02/26/2019 02:30 pm LOB 302
March 8, 2019 ==CONTINUED== Executive Session: 03/08/2019 01:30 pm LOB 302-304
March 19, 2019 Committee Report: Inexpedient to Legislate for 03/19/2019 (Vote 20-0; CC) HC 16 P. 5
Committee Report: Inexpedient to Legislate (Vote 20-0; CC)
March 19, 2019 Inexpedient to Legislate: MA VV 03/19/2019 HJ 10 P. 11

Action Dates

Date Body Type
Feb. 20, 2019 House Hearing
Feb. 21, 2019 House Exec Session
March 8, 2019 House Exec Session
House Floor Vote
March 19, 2019 House Floor Vote

Bill Text Revisions

HB585 Revision: 4844 Date: Jan. 15, 2019, 2:44 p.m.