Revision: Jan. 29, 2019, 8:52 a.m.
HB 740 - AS INTRODUCED
2019 SESSION
19-0805
11/05
HOUSE BILL 740
SPONSORS: Rep. Butler, Carr. 7
COMMITTEE: Commerce and Consumer Affairs
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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.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0805
11/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Exemptions. Amend RSA 397-A:4 by inserting after paragraph V the following new paragraph:
VI. Second mortgage loans offered in conjunction with a first mortgage loan for the purpose of financing down payments or closing costs associated with the first mortgage loan, if the second mortgage loan is:
(a) Funded by a state entity exempt from regulation under paragraph III and offered consistent with paragraph III(a); and
(b) Negotiated, arranged, found, or procured through a licensed loan originator.
2 Effective Date. This act shall take effect January 1, 2020.