HB 837-FN - AS INTRODUCED
2003 SESSION
05/09
HOUSE BILL 837-FN
This bill requires real estate lienholders to record, in the registry of deeds, a release of the lien within 30 days of the lien being fully paid or satisfied. Failure to do so shall result in a fine.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-1089
05/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to the release of real estate liens.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Chapter; Release of Real Estate Liens. Amend RSA by inserting after chapter 447-A the following new chapter:
CHAPTER 447-B
447-B:1 Release of Real Estate Lien. When a lien secured by real property is satisfied, the lienholder shall record a release of the lien in the registry of deeds of the county in which the property is located, within 30 days of the lien being fully paid or satisfied.
447-B:2 Fine for Failure to Record. If the lienholder fails to record the release required in RSA 447-B:1, the lienholder shall be fined $100 for each month in which lienholder failed to file the release.
2 Effective Date. This act shall take effect January 1, 2004.
LBAO
03-1089
1/27/03
HB 837-FN - FISCAL NOTE
AN ACT relative to the release of real estate liens.
FISCAL IMPACT:
The Association of Counties has determined this bill will increase county revenue and expenditures by an equal but indeterminable amount in FY 2004 and each year thereafter. The Municipal Association determined this bill may increase local expenditures by an indeterminable amount in FY 2004 and each year thereafter. There will be no fiscal impact on state expenditures or state and local revenue.
METHODOLOGY:
The Association of Counties stated this bill would require that additional records be filed at the county registry of deeds. Although this requirement will cause additional expenses at the registry, the county will charge a filing fee to record and process the document.
The Municipal Association has stated this bill requires real estate lien holders to record a release of the lien within 30 days of the lien being fully paid or satisfied. The Municipal Association does not know whether there are municipalities that do not record the lien release within 30 days. Therefor, the Municipal Association is unable to determine the increase in local costs. If municipalities take longer to record the release of lien, costs will increase. If municipalities meet the 30-day deadline, there will be no increased cost.