Bill Text: NH HB408 | 2012 | Regular Session | Chaptered

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Bill Title: Clarifying the exemption for attorneys from licensing requirements for mortgage brokers or bankers.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2012-05-31 - House Signed By Governor 05/29/2012; Effective 05/29/2012; Chapter 0085 [HB408 Detail]

Download: New_Hampshire-2012-HB408-Chaptered.html

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CHAPTER 85

HB 408 – FINAL VERSION

4Jan2012… 2678h

04/11/12 1465s

2012 SESSION

11-0653

09/05

HOUSE BILL 408

AN ACT clarifying the exemption for attorneys from licensing requirements for mortgage brokers or bankers.

SPONSORS: Rep. Sapienza, Rock 8; Rep. Sedensky, Rock 8; Rep. Hess, Merr 9

COMMITTEE: Commerce and Consumer Affairs

AMENDED ANALYSIS

This bill clarifies an exemption from the licensing requirement for mortgage brokers or bankers for attorneys who provide legal services in connection with residential mortgage loans.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

4Jan2012… 2678h

04/11/12 1465s

11-0653

09/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twelve

AN ACT clarifying the exemption for attorneys from licensing requirements for mortgage brokers or bankers.

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

85:1 Exemptions From Licensing Requirements. RSA 397-A:4, V is repealed and reenacted to read as follows:

V.(a) Except as provided in subparagraph (b), an attorney licensed in New Hampshire performing activities that are within the definition of a loan originator, provided that such activities are:

(1) Considered by the New Hampshire supreme court to be part of the authorized practice of law within New Hampshire;

(2) Carried out within an attorney-client relationship; and

(3) Accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards.

(b) If subparagraph (a) is construed by a governing federal agency to conflict with any federal law, rule, or governing federal agency interpretation promulgated under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the provisions of subparagraph (a) shall be superseded and no other provision of this chapter shall be affected until subparagraph (a) is amended by the general court.

85:2 Effective Date. This act shall take effect upon its passage.

Approved: May 29, 2012

Effective Date: May 29, 2012