TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 397-A LICENSING OF NONDEPOSITORY MORTGAGE BANKERS, BROKERS, AND SERVICERS
Section 397-A:3
397-A:3 License Required. –
I. Prior to engaging in the business of a mortgage broker, mortgage banker, mortgage originator, or mortgage servicer, a person shall obtain and maintain a license under this chapter. Each mortgage banker, broker, originator or servicer shall register with and obtain and maintain a valid unique identifier issued by the Nationwide Multistate Licensing System and Registry.
II. An originator's license is only in effect when such originator is employed or retained by a licensed mortgage banker, mortgage broker, or mortgage servicer or by a person exempt from this chapter that has registered or made a filing as an exempt entity on the Nationwide Multistate Licensing System.
III. A person licensed as mortgage banker may act as a mortgage broker or mortgage servicer without obtaining a separate license.
IV. The fact that a person is licensed or registered in the state of New Hampshire under this chapter does not constitute a finding that the commissioner has passed in any way upon the merits or qualifications of such person or that the commissioner has recommended or given approval to any person. It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with the provisions of this paragraph.
V. Any license fee required by this chapter shall be paid before a license may become effective.
VI. A sole proprietor licensed as a mortgage broker, mortgage servicer, or mortgage banker shall also obtain a license as a mortgage originator prior to acting as a mortgage originator.
VII. A person located outside of the United States and required to be licensed under this chapter shall maintain a location within the continental United States where records of all New Hampshire transactions are kept and from where all activity under this chapter shall be conducted.
VIII. An individual engaging in the business of a loan processor or underwriter as an independent contractor, shall obtain and maintain licenses as a mortgage loan originator and as a mortgage broker, mortgage banker, or mortgage servicer, and shall maintain a valid unique identifier issued by the Nationwide Multistate Licensing System.
IX. Before an individual begins activities that require licensure as an originator in this state, the originator and the mortgage banker, mortgage broker, or mortgage servicer who employs or retains the originator shall file an application with the commissioner to license the originator in this state. When an individual ceases to be employed or retained as an originator by a mortgage banker, mortgage broker, or mortgage servicer, the originator's license shall terminate and the mortgage banker, mortgage broker, or mortgage servicer shall notify the commissioner within 15 calendar days. If the mortgage banker, mortgage broker, or mortgage servicer ceases to be licensed under this chapter for any reason, the licenses of originators employed or retained by the mortgage banker, mortgage broker, or mortgage servicer shall terminate unless an originator's license is suspended, revoked, or transferred to another licensed mortgage banker, mortgage broker, or mortgage servicer.
X. A branch office of a mortgage banker, mortgage broker, or mortgage servicer shall be licensed prior to conducting business at such location.
XI. For purposes of licensing its mortgage loan originators in this state, other entities and financial institutions not otherwise required to be licensed under this chapter may voluntarily make a filing on the Nationwide Multistate Licensing System and Registry as an exempt entity and in such case shall comply with RSA 397-A:4, IV(a)(1), (3), (4), (5), and (6).
Source. 2016, 289:1, eff. Aug. 20, 2016. 2017, 103:1, eff. Aug. 7, 2017. 2018, 196:14, eff. Aug. 7, 2018.