Revision: Jan. 7, 2025, 12:55 p.m.
SB 26 - AS INTRODUCED
2025 SESSION
25-1070
07/05
SENATE BILL 26
AN ACT relative to the definition of deposits as they pertain to land sales.
SPONSORS: Sen. Pearl, Dist 17; Sen. Lang, Dist 2; Sen. Reardon, Dist 15; Sen. Innis, Dist 7; Sen. Murphy, Dist 16; Rep. See, Merr. 26; Rep. C. McGuire, Merr. 27; Rep. Moffett, Merr. 4; Rep. Verville, Rock. 2; Rep. Bryer, Rock. 1
COMMITTEE: Commerce
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ANALYSIS
This bill defines the meaning of "deposits" as they pertain to land sales.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-1070
07/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Five
AN ACT relative to the definition of deposits as they pertain to land sales.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Trade and Commerce; Land Sales Full Disclosure Act; Definitions. Amend RSA 356-A:1 by inserting after paragraph XVII the following new paragraph:
XVIII. "Deposits" means the deposit of earnest money for a purchase and sales agreement for the disposition of any sale, contract, assignment, or any other voluntary transfer of a legal or equitable interest in a lot, parcel, unit, or interest in subdivided lands. Deposit shall be limited to earnest money and shall not include any change orders, upgrades, or additional funds due to the seller or seller’s agent due to buyer upgrades or selections.
2 New Paragraph; Trade and Commerce; Condominium Act; Definitions. Amend RSA 356-B:3 by inserting after paragraph XIII the following new paragraph:
XIII-a. "Deposits" means the deposit of earnest money for a purchase and sales agreement for the disposition of any sale, contract, assignment, or any other voluntary transfer of a legal or equitable interest in a lot, parcel, unit, or interest in subdivided lands. Deposit shall be limited to earnest money and shall not include any change orders, upgrades, or additional funds due to the seller or seller’s agent due to buyer upgrades or selections.
3 Effective Date. This act shall take effect 60 days after its passage.