HB 1278 - AS INTRODUCED
2000 SESSION
HOUSE BILL 1278
AN ACT establishing a committee to investigate bank foreclosures on homeowners' properties and bank overdraft fees.
SPONSORS: Rep. Marple, Merr 11
This bill establishes a committee to investigate bank foreclosures on homeowners' properties and bank overdraft fees.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2117
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT establishing a committee to investigate bank foreclosures on homeowners' properties and bank overdraft fees.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Findings.
I. The general court finds that current state law which allows selectmen to request banks and other mortgage holders to pay delinquent taxes and foreclose on home owners may be improper and invasive of privacy in property, home, books and papers, and other private information, and, therefore, a violation of the Fourth Amendment of the United State Constitution. The general court also finds that any such foreclosures may be criminal behavior and that parties subject to such foreclosures should have their houses restored. All costs of restoration should be borne by the bank or other mortgage holder and the selectmen responsible for the foreclosure. The general court hereby establishes a study committee to investigate the constitutionality and criminal aspects of current foreclosure laws and to make recommendations on repealing and amending such laws.
II. The general court also finds the overdraft fees currently charged by banks are excessive and constitute robbery of the people by the banks. The study committee established in this act shall investigate overdraft fees and make recommendations for their regulation under state law.
2 Committee Established. There is established a committee to study the constitutional and criminal issues arising under the current state foreclosure laws and the regulation of excessive bank overdraft fees.
3 Membership and Compensation.
I. The members of the committee shall be as follows:
(a) Three members of the senate, appointed by the president of the senate.
(b) Three members of the house of representatives, at least 2 of whom shall be members of the commerce committee, appointed by the speaker of the house.
II. The committee shall solicit input from the bank commissioner and the Coalition of New Hampshire Taxfighters (CNHT).
III. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
4 Duties. The committee shall study current state law regarding bank foreclosures conducted for nonpayment of taxes by banks and other mortgage holders at the request of the selectmen. The committee shall examine the constitutionality of such foreclosures and whether the participation of selectmen and banks and other mortgage holders in such foreclosures is criminal behavior. The committee shall consider how homes could be restored to parties aggrieved by such foreclosure procedures and how to hold banks, other mortgage holders and selectmen liable for the costs of restoration. The committee shall also address the issue of excessive bank overdraft fees and the regulation of such fees by the state.
5 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named house member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Four members of the committee shall constitute a quorum.
6 Report. The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the senate president, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2000.
7 Effective Date. This act shall take effect 60 days after its passage.