HB 429 - AS INTRODUCED

1999 SESSION

99-0656

09/01

HOUSE BILL 429

AN ACT prohibiting mortgage foreclosures or demands of mortgages during an economic emergency declared by the governor.

SPONSORS: Rep. Gilman, Graf 1

COMMITTEE: Commerce

ANALYSIS

This bill prohibits foreclosures or demands of mortgages during an economic emergency declared by the governor.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

99-0656

09/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord One Thousand Nine Hundred and Ninety-Nine

AN ACT prohibiting mortgage foreclosures or demands of mortgages during an economic emergency declared by the governor.

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

1 Banking Emergency; Suspension on Mortgage Foreclosures and Demands. Amend RSA 397:1 to read as follows:

397:1 Banking Emergency.

I. Whenever it shall appear to the governor that the welfare of the state or any section thereof, or the welfare and security of banks and other institutions under the supervision of the bank commissioner, hereinafter referred to as banks, or their depositors or shareholders so require, [he] the governor may proclaim that a banking emergency exists and that any bank or banks shall be subject to special regulation as hereinafter provided until the governor, by proclamation, declares the period of such banking emergency terminated. The governor may likewise declare such legal bank holidays as in [his] the governor's judgment such an emergency may require.

II. All call clauses on mortgage loans on residential homes, farms and businesses and all mortgage foreclosures shall be suspended during the period of the banking emergency.

2 Effective Date. This act shall take effect 60 days after its passage.