TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 397-A LICENSING OF NONDEPOSITORY MORTGAGE BANKERS, BROKERS, AND SERVICERS
Section 397-A:2
397-A:2 Application of Chapter. –
I. This chapter shall provide for the department's regulation of persons that engage in the business of a mortgage banker, mortgage broker, mortgage servicer, or mortgage originator for a mortgage loan from the state of New Hampshire or a mortgage loan secured by real property located in the state of New Hampshire. The following persons are not considered to be engaged in the business of activities requiring regulation under this chapter:
(a) An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual.
(b) An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.
(c)(1) An attorney licensed in New Hampshire performing activities that are within the definition of a loan originator, provided that such activities are:
(A) Considered by the New Hampshire supreme court to be part of the authorized practice of law within New Hampshire;
(B) Carried out within an attorney-client relationship; and
(C) Accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards.
(d) An individual who acts as a mortgage banker, mortgage broker, mortgage servicer, or mortgage originator if the individual is not engaged habitually and repeatedly in such activities in a commercial context. It shall be a rebuttable presumption that an individual is not engaged in the business of a mortgage banker, mortgage broker, mortgage servicer, or mortgage originator if the individual is not involved in more than 3 loans in any consecutive 12-month period.
II. Any mortgage loan made, brokered, or serviced under the provisions of this chapter shall be further governed by any other applicable laws of the state of New Hampshire and by the Consumer Credit Protection Act (15 U.S.C. Section 1601 et seq.), as amended.
III. Persons subject to or licensed under this chapter shall abide by applicable federal laws and regulations, the laws and rules of this state, and the orders of the commissioner. Any violation of such law, regulation, order, or rule is a violation of this chapter. Such federal laws and regulations include but are not limited to the Bank Secrecy Act (BSA), 31 U.S.C. Section 5311 et seq. and 31 C.F.R. Part X et seq. when required by the BSA, and include interpretive orders and similar directives.
IV. Any condition, stipulation, or provision binding any person to waive compliance with any provision of this chapter or any rule or order under this chapter is void.
Source. 2016, 289:1, eff. Aug. 20, 2016. 2018, 211:1, eff. Aug. 7, 2018.