Text to be removed highlighted in red.
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 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
Text to be added highlighted in green.
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 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