New Hampshire Revised Statutes 397-A:6 – License Grant
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I. If the commissioner determines that the applicant meets the requirements of this chapter, then the commissioner shall forthwith issue a license or licenses permitting the applicant to act as a mortgage originator, mortgage banker, mortgage broker, or mortgage servicer in accordance with the laws of this state. The commissioner may, by order, restrict or impose conditions for a license. Each branch office license and originator license is only in effect when the associated mortgage banker, mortgage broker, or mortgage servicer is licensed in this state. Each branch manager of a location required to be licensed as a branch office under this chapter shall be licensed as a mortgage loan originator. Licensees shall be responsible for the supervision of their employees, agents, loan originators, and branch offices. Licensees shall conduct background checks, including checking the list of entities issued by the Office of Foreign Assets Control (OFAC) whose assets were frozen by executive order on all of their loan originators.
II. No mortgage banker, mortgage broker, or mortgage servicer license shall be issued to any person whose principal place of business is located outside of this state unless that person designates an agent residing within this state for service of process.
III. Each mortgage banker, mortgage broker, or mortgage servicer license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee and, if the license is a branch office license, the name and address of the branch office location for which that license is issued.
IV. If a mortgage banker, mortgage broker, or mortgage servicer licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, agents, originators, and employees of the licensed corporation, partnership, entity, or trust to make or broker loans; provided that all individuals who engage in the origination process are licensed as originators and that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license application as the individual to be contacted under the provisions of this chapter.
V. If the mortgage banker, mortgage broker, or mortgage servicer licensee is a natural person, the license shall entitle all employees, agents, and originators of the licensee to make or broker loans, provided that all individuals who engage in the origination process are licensed as originators.
VI. A license issued under this chapter shall not be transferable or assignable between persons.
II. No mortgage banker, mortgage broker, or mortgage servicer license shall be issued to any person whose principal place of business is located outside of this state unless that person designates an agent residing within this state for service of process.
Terms Used In New Hampshire Revised Statutes 397-A:6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Service of process: The service of writs or summonses to the appropriate party.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
III. Each mortgage banker, mortgage broker, or mortgage servicer license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee and, if the license is a branch office license, the name and address of the branch office location for which that license is issued.
IV. If a mortgage banker, mortgage broker, or mortgage servicer licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, agents, originators, and employees of the licensed corporation, partnership, entity, or trust to make or broker loans; provided that all individuals who engage in the origination process are licensed as originators and that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license application as the individual to be contacted under the provisions of this chapter.
V. If the mortgage banker, mortgage broker, or mortgage servicer licensee is a natural person, the license shall entitle all employees, agents, and originators of the licensee to make or broker loans, provided that all individuals who engage in the origination process are licensed as originators.
VI. A license issued under this chapter shall not be transferable or assignable between persons.