SB 122 - AS AMENDED BY THE SENATE
03/27/03 0855s
2003 SESSION
06/09
SENATE BILL 122
AN ACT relative to the regulation of first mortgage brokers.
SPONSORS: Sen. Larsen, Dist 15; Sen. Sapareto, Dist 19; Sen. Below, Dist 5; Rep. Holden, Hills 48; Rep. Langley, Rock 88; Rep. Wall, Straf 72
This bill requires anyone applying for a new license as a first mortgage broker to have a supervisor with at least 3 years recent experience at any location for which a license is sought.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/27/03 0855s
03-0815
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to the regulation of first mortgage brokers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 License Required; Experienced Supervisor Required. Amend RSA 397-A:3 to read as follows:
397-A:3 License and Experienced Supervisor Required.
I. Any person not exempt under RSA 397-A:4 that, in its own name or on behalf of other persons, engages in the business of making or brokering first mortgage loans secured by real property located in this state shall be required to obtain a license from the banking department.
II. At any location for which a license is sought, a mortgage broker shall have a person with supervisory authority over the brokerage activities who has at least 3 years experience within the last 5 years in the mortgage lending or mortgage brokerage business; provided, such experience requirements shall not apply to any person whose license was renewed before the effective date of this paragraph.
2 Effective Date. This act shall take effect 60 days after its passage.