New Hampshire passed a bill repealing the Mortgage Servicing Companies Act (MSCA) and repealing and reenacting the Nondepository Mortgage Bankers and Brokers Act (NMBBA). Under the bill, the mortgage servicing provisions of the MSCA are repealed and reenacted under the NMBBA. As such, mortgage servicers must now obtain a license under the NMBBA (rather than a registration under the MSCA). The bill also amends the NMBBA with respect to: bonds; exemptions, denial, suspension/revocation; office requirements; examinations; notification/reporting; prohibited acts; advertisements; escrow accounts; disclosures; and recordkeeping. The reenacted mortgage servicer provisions under the NMBBA are substantially similar to the provisions set forth under the MSCA. The bill becomes effective August 20, 2016.
See New Hampshire General Court website for the full text of the Statutes:
http://www.gencourt.state.nh.us/bill_status/billText.aspx?id=710&txtFormat=pdf&v=current
