HB 504 - AS INTRODUCED
2003 SESSION
06/01
HOUSE BILL 504
This bill limits the charges a lender may impose for the refinancing of a primary residence that has been mortgaged or refinanced within the prior 5 years and where the borrower is seeking a change of interest rate only.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0943
06/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to refinancing home mortgages.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Lender's Rights and Broker's Rights; Primary Residence Refinancing. Amend RSA 397-A:16 by inserting after paragraph IV the following new paragraph:
V. Lenders may charge fees and points for services rendered in conjunction with the refinancing of a first mortgage on a primary residence provided; however, that the lender issues a written disclosure to the borrower stating the estimated amount and purpose of all fees and expenses within 3 business days of the receipt of a loan application. If any fee is collected in advance of the closing of the loan, the lender shall provide the borrower with a written explanation of the purpose and disposition of the fee. A lender may charge an application fee which may include the direct costs incurred by the lender for processing an application. If the refinancing includes a change in interest rate only and occurs within 5 years of an original mortgage or prior refinancing, the lender shall not obtain a new appraisal or other third party services. The borrower may be required to provide income verification and to attest, upon penalty of perjury, that there are no encumbrances on the property.
2 Effective Date. This act shall take effect 60 days after its passage.