Revision: Jan. 11, 2023, 10:48 a.m.
HB 520 - AS INTRODUCED
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
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:
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] 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.
2 Effective Date. This act shall take effect 60 days after its passage.