Section 397-B:2 Application of Chapter.
I. This chapter shall provide for the banking department's regulation of mortgage servicing companies that engage in the business of servicing first or second mortgage loans secured by real property located in the state of New Hampshire, which is or shall be occupied in whole or in part as a primary domicile or place of residence by the mortgagor and which consists of not more than 4 living units. Persons registered under this chapter shall be responsible for the supervision of their employees, agents, and branch offices.
II. Persons subject to or registered 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, or rule is a violation of this chapter.
III. Persons subject to or registered under this chapter that service first or second mortgage home loans on real property located in the state of New Hampshire shall, within 5 days of receipt of a written request, provide a net payoff amount as of a specific date with a daily interest rate charge. Persons who fail to provide a net payoff amount within 5 days of receipt of a written request shall be assessed a fine of $100 per day up to a maximum penalty of $2500 per violation.
IV. Any registration fee required by this chapter must be paid before a registration may become effective.
Source. 1995, 207:1. 2004, 139:20, eff. July 23, 2004. 2006, 303:22, eff. Aug. 18, 2006. 2008, 372:8, 9, eff. Jan. 1, 2009.