HB1437 (2020) Detail

Relative to the qualifications of the banking department commissioner and deputy commissioner, relative to consumer complaints, and relative to applications for money transmitters.


HB 1437 - AS INTRODUCED

 

 

2020 SESSION

20-2337

11/05

 

HOUSE BILL 1437

 

AN ACT relative to the qualifications of the banking department commissioner and deputy commissioner, relative to consumer complaints, and relative to applications for money transmitters.

 

SPONSORS: Rep. Hunt, Ches. 11

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill clarifies the qualifications of the banking department commissioner and deputy commissioner, permits certain consumer complaints to be submitted vial email, and defines "nationwide multistate licensing system and registry."

 

This bill is a request of the banking department.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2337

11/05

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT relative to the qualifications of the banking department commissioner and deputy commissioner, relative to consumer complaints, and relative to applications for money transmitters.

 

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

 

1  Retail Installment Sales of Motor Vehicles; Consumer Inquiries.  Amend the introductory paragraph of RSA 361-A:4-a, I to read as follows:

I.  Consumer complaints naming retail sellers or sales finance companies under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via electronic mail or certified or registered mail to the retail seller or sales finance company for response within 10 days of receipt by the department.  Retail sellers or sales finance companies shall, within 10 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the banking department.  Not later than 30 days following receipt of such complaint, the retail seller or sales finance company shall conduct an investigation of the complaint and either:

2  Bank Commissioner; Qualifications.  Amend RSA 383:6 to read as follows:

383:6  Qualifications.  No person who is not a resident of the state at the time of his or her appointment or who fails to become a resident of the state within one year after his or her appointment, and no person who is indebted to any entity under the supervision of the commissioner, or who holds any stock or office in the entity, or who is engaged as principal or agent in the business of selling or negotiating loans, stocks, or securities of any kind in this state, or who is an officer or stockholder in any entity engaged in that business, shall be eligible to hold or continue to hold the office of commissioner or deputy commissioner.  The provisions of this section relative to indebtedness to an entity under the supervision of the commissioner shall not disqualify a person who[, at the time of his or her appointment,] is indebted to the entity for [a home mortgage loan, or if at a time subsequent to his or her appointment a legal transfer of the loan or conversion of an entity results in the loan being held by an entity under the supervision of the commissioner or deputy commissioner, provided that the indebtedness shall be limited to such pre-existing contracts.] a residential mortgage loan, car loan, or other secured personal loan if such indebtedness is subject to customary terms and conditions and transacted in the normal course of business.  The provisions of this section relative to stock shall not disqualify a person who holds investments in shares of regulated diversified investment companies.

3  Bank and Credit Union Regulatory and Enforcement; Consumer Complaints.  Amend the introductory paragraph of RSA 383-A:9-904, I to read as follows:

I.  Consumer complaints naming state banks or credit unions, which are filed in writing, shall be forwarded via electronic mail or certified mail to the state bank or credit union for response within 10 days of receipt by the department.  Not later than 30 days following receipt of such complaint, the state bank or credit union shall conduct an investigation of the complaint and either:

4  Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers; Consumer Inquiries.  Amend the introductory paragraph of RSA 397-A:15-a, I to read as follows:

I.  Consumer complaints naming licensees under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via electronic mail or certified mail to the licensee for response within 10 days of receipt by the department.  Licensees shall, within 10 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the banking department.  Not later than 30 days following receipt of such complaint, the licensee shall conduct an investigation of the complaint and either:

5  Regulation of Small Loans, Title Loans, and Payday Loans; Consumer Inquiries.  Amend the introductory paragraph of RSA 399-A:12, I to read as follows:

I.  Consumer complaints naming licensees under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via electronic mail or certified or registered mail to the licensee for response within 10 days of receipt by the department.  Licensees shall, within 10 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the banking department.  Not later than 30 days following receipt of such complaint, the licensee shall conduct an investigation of the complaint and either:

6  Debt Adjustment Services; Consumer Inquiries.  Amend the introductory paragraph of RSA 399-D:11, I to read as follows:

I.  Consumer complaints naming licensees under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via electronic mail or certified or registered mail to the licensee for response within 10 days of receipt by the department.  Licensees shall, within 10 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the department.  Not later than 30 days following receipt of such complaint, the licensee shall conduct an investigation of the complaint and either:

7  New Paragraph; Licensing of Money Transmitters; Definitions; Nationwide Multistate Licensing System and Registry.  Amend RSA 399-G:1 by inserting after paragraph XVII the following new paragraph:

XVII-a.  "Nationwide multistate licensing system and registry" means a national licensing system and facility developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or their successors, for the licensing and registration of mortgage loan originators, mortgage lenders, mortgage servicers, mortgage brokers, and other non-depository financial service licensees, including money transmitters.

8  Licensing of Money Transmitters; Application and Fees.  Amend the introductory paragraph of RSA 399-G:4, I(a) to read as follows:

(a)  To be considered for licensing, each person shall complete and file with the department one verified application through the Nationwide Multistate Licensing System and Registry, using the Nationwide Multistate Licensing System and Registry form, [or providing all the same information required on the application developed by the Nationwide Multistate Licensing System and Registry,] which shall include but not be limited to the following information:

9  Licensing of Money Transmitters; Consumer Inquiries.  Amend the introductory paragraph of RSA 399-G:12, I to read as follows:

I.  Consumer complaints naming licensees under this chapter, which are filed in writing with the office of the commissioner, shall be forwarded via electronic mail or certified or registered mail to the licensee for response within 10 days of receipt by the department.  Licensees shall, within 10 days after receipt of such complaint, send a written acknowledgment thereof to the consumer and the department.  Not later than 30 days following receipt of such complaint, the licensee shall conduct an investigation of the complaint and either:

10  Effective Date.  This act shall take effect 60 days after its passage.

Links

HB1437 at GenCourtMobile
HB1437 Discussion

Action Dates

Date Body Type
Jan. 16, 2020 House Hearing
Feb. 18, 2020 House Exec Session

Bill Text Revisions

HB1437 Revision: 7100 Date: Dec. 3, 2019, 9:14 a.m.

Docket

Date Status
Jan. 8, 2020 Introduced 01/08/2020 and referred to Commerce and Consumer Affairs
Jan. 16, 2020 Public Hearing: 01/16/2020 01:00 pm LOB 302
Feb. 13, 2020 Subcommittee Work Session: 02/13/2020 09:30 am LOB 302
Feb. 18, 2020 Executive Session: 02/18/2020 01:00 pm LOB 302