CHAPTER 89
HB 520 - FINAL VERSION
22Mar2023... 0811h
04/13/2023 1311s
2023 SESSION
23-0729
09/10
HOUSE BILL 520
SPONSORS: Rep. Hunt, Ches. 14; Rep. McAleer, Carr. 2
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill changes the interest rate credited to escrow accounts maintained by licensed nondepository mortgage bankers, brokers, and servicers to be consistent with rates credited by depository entities.
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
22Mar2023... 0811h
04/13/2023 1311s 23-0729
09/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
Be it Enacted by the Senate and House of Representatives in General Court convened:
89:1 Nondepository Mortgage Bankers, Brokers, and Servicers; Escrow Accounts. Amend RSA 397-A:9, IV to read as follows:
IV. Persons subject to this chapter that require or accept moneys for deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on single family homes secured by real estate mortgages on property located in New Hampshire shall [credit each such escrow account with interest on all existing and future escrow accounts at a rate set for a 6-month period by the commissioner on February 1 and August 1 of each year which shall be one percent below the mean interest rate paid by New Hampshire-chartered depository banks on regular savings accounts. The commissioner shall post the rate on the department's website] pay interest on the moneys so held in such accounts. During the 6-month period beginning on April 1 of each year, such interest shall be paid at a rate of not less than the National Deposit Rate for Savings Accounts as published in the month of January of the same year by the Federal Deposit Insurance Corporation. During the 6-month period beginning on October 1 of each year, such interest shall be paid at a rate of not less than the National Deposit Rate for Savings Accounts as published in the month of July of the same year by the Federal Deposit Insurance Corporation.
89:2 Loans and Investments. Amend RSA 383-B:3-303, (a)(7)(E) to read as follows:
(E) Any depository bank which requires or accepts moneys for deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages shall [credit each escrow account with interest at a rate no lower than the highest target federal funds interest rate in the range set by the Federal Open Market Committee, minus one percent] pay interest in the moneys so held in such accounts. During the 6-month period beginning on April 1 of each year, such interest shall be paid at a rate of not less than the National Deposit Rate for Savings Accounts as published in the month of January of the same year by the Federal Deposit Insurance Corporation. During the 6-month period beginning on October 1 of each year, such interest shall be paid at a rate of not less than the National Deposit Rate for Savings Accounts as published in the month of July of the same year by the Federal Deposit Insurance Corporation.
89:3 Effective Date. This act shall take effect upon its passage.
Approved: June 20, 2023
Effective Date: June 20, 2023
| Date | Amendment |
|---|---|
| March 14, 2023 | 2023-0811h |
| April 4, 2023 | 2023-1311s |
| Date | Body | Type |
|---|---|---|
| Feb. 7, 2023 | House | Hearing |
| Feb. 7, 2023 | House | Hearing |
| Feb. 7, 2023 | House | Hearing |
| March 8, 2023 | House | Exec Session |
| March 8, 2023 | House | Floor Vote |
| April 4, 2023 | Senate | Hearing |
| April 13, 2023 | Senate | Floor Vote |
June 27, 2023: Signed by Governor Sununu 06/20/2023; Chapter 89; Eff: 06/20/2023
June 13, 2023: Enrolled (in recess of) 06/08/2023 HJ 15
June 13, 2023: Enrolled Adopted, VV, (In recess 06/08/2023); SJ 19
May 4, 2023: House Concurs with Senate Amendment 2023-1311s (Rep. Hunt): MA VV 05/04/2023 HJ 13 P. 2
April 13, 2023: Ought to Pass with Amendment 2023-1311s, MA, VV; OT3rdg; 04/13/2023; SJ 13
April 13, 2023: Committee Amendment # 2023-1311s, AA, VV; 04/13/2023; SJ 13
April 4, 2023: Committee Report: Ought to Pass with Amendment # 2023-1311s, 04/13/2023; SC 17
March 30, 2023: Hearing: 04/04/2023, Room 100, SH, 09:00 am; SC 16
March 24, 2023: Introduced 03/23/2023 and Referred to Commerce; SJ 12
March 22, 2023: Ought to Pass with Amendment 2023-0811h: MA VV 03/22/2023 HJ 10 P. 6
March 22, 2023: Amendment # 2023-0811h: AA VV 03/22/2023 HJ 10 P. 6
March 14, 2023: Committee Report: Ought to Pass with Amendment # 2023-0811h 03/08/2023 (Vote 19-0; CC) HC 16 P. 5
Feb. 23, 2023: Executive Session: 03/08/2023 01:15 pm LOB 302-304
Feb. 23, 2023: Subcommittee Work Session: 03/07/2023 10:00 am LOB210-211
Feb. 23, 2023: Public Hearing: 02/07/2023 10:00 am LOB 210-211
Feb. 2, 2023: Public Hearing: 02/07/2023 10:00 am LOB 210-211
Feb. 1, 2023: Public Hearing: 02/07/2023 10:00 am LOB 210-211
Jan. 11, 2023: Introduced (in recess of) 01/05/2023 and referred to Commerce and Consumer Affairs HJ 3 P. 19