SB161: (New Title) relative to the registration fees for mortgage servicing companies and relative to debt adjustment services.

CHAPTER 343

SB 161-FN – FINAL VERSION

16May2007… 1550h

06/27/07 2158CofC

2007 SESSION

07-1278

08/04

SENATE BILL 161-FN

AN ACT relative to the registration fees for mortgage servicing companies and relative to debt adjustment services.

SPONSORS: Sen. Gottesman, Dist 12; Sen. Barnes, Dist 17; Sen. Roberge, Dist 9; Rep. DeJoie, Merr 11

COMMITTEE: Commerce, Labor and Consumer Protection

AMENDED ANALYSIS

This bill:

I. Increases registration fees for mortgage servicing companies.

II. Eliminates the 10 day requirement for written notice to a board or commission by the bank commissioner of his or her intent to delegate a duty to serve on such board or commission.

III. Redefines debt adjustment.

IV. Extends the time in which a debtor’s obligations must be discharged.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

16May2007… 1550h

06/27/07 2158CofC

07-1278

08/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Seven

AN ACT relative to the registration fees for mortgage servicing companies and relative to debt adjustment services.

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

343:1 Regulation of Mortgage Loan Services; Registration Fees. Amend RSA 397-B:4, I(a) to read as follows:

(a) Any mortgage servicing company which services first mortgage loans secured by real property located in the state of New Hampshire shall be required to register with the banking department by filing a registration statement on a form prescribed by the commissioner and paying an original registration fee of [$100] $500. Each such registration shall expire on December 31 of each calendar year. A registration may be renewed by filing a renewal statement on a form prescribed by the commissioner and paying a renewal registration fee of [$50] $500, on or before, December 1 for registration for the ensuing year. Sums collected under this chapter shall be payable to the state treasurer as restricted revenue and credited to the appropriation of the commissioner, consumer credit administration division.

343:2 Written Notice; Delegation of Duties and Responsibilities. Amend RSA 383:7-a, V to read as follows:

V. The commissioner shall provide any board or commission [10 days’] written notice of his or her intent to delegate his or her duties and responsibilities to serve on such board or commission.

343:3 Debt Adjustment; Definition. RSA 399-D:2, IV is repealed and reenacted to read as follows:

IV. “Debt adjustment” means:

(a) Providing debt management advice or counseling to consumers for direct or indirect compensation;

(b) Creating debt management plans for consumers for direct or indirect compensation;

(c) Negotiating with creditors on behalf of consumers for direct or indirect compensation; or

(d) Receiving, for a fee or compensation and as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.

343:4 Discharge of Debt Adjustment Contracts. Amend RSA 399-D:20 to read as follows:

399-D:20 Contract With Debtor. Each licensee shall make a written contract with a debtor, and immediately furnish the debtor with a true copy thereof. Such contract shall set forth the complete list of the debtor's obligations to be adjusted, a complete list of the creditors holding such obligations, the total charges agreed upon for the services of the licensee and the beginning and expiration date of the contract. No licensee shall enter into a contract in which the debtor's obligations will not be discharged within [24] 60 months, exclusive of contractual debts which exceed the [24-month] 60-month period.

343:5 Effective Date. This act shall take effect July 1, 2007.

Approved: July 16, 2007

Effective: July 1, 2007