Revision: Jan. 15, 2019, 3:05 p.m.
HB 602 - AS INTRODUCED
2019 SESSION
19-0649
05/03
HOUSE BILL 602
AN ACT relative to rescission of a mortgage-related transaction.
SPONSORS: Rep. Plumer, Belk. 6; Rep. Viens, Belk. 1
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill provides that if a mortgage-related transaction has been validly rescinded, any foreclosure based on the transaction shall be void and unenforceable.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0649
05/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT relative to rescission of a mortgage-related transaction.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Mortgages of Realty; Foreclosure Sale; Void Following Valid Rescission. Amend RSA 479:25 by inserting after paragraph VI the following new paragraph:
V. If a mortgage-related transaction has been validly rescinded in accordance with state and federal law, including the Truth in Lending Act, 15 U.S.C. section 1635(a), and the rescission has been duly recorded in the registry of deeds, the lender shall have no recourse under this section to initiate a foreclosure sale of the property. In such cases, any foreclosure under this section shall be void and unenforceable.
2 Effective Date. This act shall take effect January 1, 2020.