HB740 (2019) Detail

Exempting certain mortgages from the law regarding licensing of nondepository mortgage bankers, brokers, and servicers.


CHAPTER 60

HB 740 - FINAL VERSION

 

19Mar2019... 0449h

2019 SESSION

19-0805

11/05

 

HOUSE BILL 740

 

AN ACT exempting certain mortgages from the law regarding licensing of nondepository mortgage bankers, brokers, and servicers.

 

SPONSORS: Rep. Butler, Carr. 7

 

COMMITTEE: Commerce and Consumer Affairs

 

─────────────────────────────────────────────────────────────────

 

ANALYSIS

 

This bill exempts second mortgage loans from RSA 397-A when the second mortgage is funded by a state entity that is exempt from RSA 397-A and is originated by a licensed loan originator in association with the first mortgage.

 

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

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19Mar2019... 0449h 19-0805

11/05

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT exempting certain mortgages from the law regarding licensing of nondepository mortgage bankers, brokers, and servicers.

 

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

 

60:1  Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Exemptions.  Amend the introductory paragraph of RSA 397-A:4, III to read as follows:

III.  Federal, state, or local governmental agencies, instrumentalities, and corporations and the employees of such entities who act as loan originators and mortgage servicers pursuant to their official duties as employees of the entities provided that[, limited to] with regard to those activities that would otherwise be within the scope of this chapter:

60:2  New Subparagraph; Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Exemptions.  Amend RSA 397-A:4, III by inserting after subparagraph (b) the following new subparagraph:

(c)  In addition, if a second mortgage loan is offered in conjunction with a first mortgage loan funded by a state entity exempt under this paragraph, but such second mortgage is negotiated, arranged, found, or procured through a licensed loan originator that is not employed by the exempt state entity, such second mortgage shall be exempt if:

(1)  The second mortgage is offered consistent with the standards in subparagraph III(a); and

(2)  The licensed loan originator is not compensated for the second mortgage in a manner that incentivizes the loan originator to act other than in the best interest of the consumer.

60:3  Effective Date.  This act shall take effect upon its passage.

 

Approved: June 05, 2019

Effective Date: June 05, 2019

Links

HB740 at GenCourtMobile
HB740 Discussion

Action Dates

Date Body Type
Feb. 12, 2019 House Hearing
Feb. 21, 2019 House Exec Session
House Floor Vote
March 19, 2019 House Floor Vote
April 25, 2019 Senate Hearing
May 2, 2019 Senate Floor Vote

Bill Text Revisions

HB740 Revision: 6234 Date: Dec. 3, 2019, 9:45 a.m.
HB740 Revision: 5810 Date: May 2, 2019, 12:43 p.m.
HB740 Revision: 5605 Date: March 19, 2019, 5:55 p.m.
HB740 Revision: 5267 Date: Jan. 29, 2019, 8:52 a.m.

Docket

Date Status
Jan. 24, 2019 Late Drafting and Introduction Approved by Rules Committee 01/24/2019 HJ 3 P. 28
Jan. 3, 2019 Introduced 01/03/2019 and referred to Commerce and Consumer Affairs HJ 3 P. 28
Feb. 12, 2019 Public Hearing: 02/12/2019 01:30 pm LOB 302
Feb. 21, 2019 Subcommittee Work Session: 02/21/2019 10:30 am LOB 304
Feb. 21, 2019 Executive Session: 02/21/2019 02:00 pm LOB 302
Committee Report: Ought to Pass with Amendment # 2019-0449h (Vote 19-0; CC)
March 19, 2019 Committee Report: Ought to Pass with Amendment # 2019-0449h for 03/19/2019 (Vote 19-0; CC) HC 16 P. 6
March 19, 2019 Amendment # 2019-0449h: AA VV 03/19/2019 HJ 10 P. 16
March 19, 2019 Ought to Pass with Amendment 2019-0449h: MA VV 03/19/2019 HJ 10 P. 16
March 28, 2019 Introduced 03/28/2019 and Referred to Commerce; SJ 12
April 25, 2019 Hearing: 04/25/2019, Room 100, SH, 01:45 pm; SC 19
May 2, 2019 Committee Report: Ought to Pass, 05/02/2019; SC 20
May 2, 2019 Ought to Pass: MA, VV; OT3rdg; 05/02/2019; SJ 15
May 15, 2019 Enrolled (In recess 05/15/2019); SJ 17
May 8, 2019 Enrolled 05/08/2019 HJ 15 P. 101
June 5, 2019 Signed by Governor Sununu 06/05/2019; Chapter 60; Eff: 06/05/2019