Section 397-B:1 Definitions.
In this chapter:
I. ""Commissioner'' means the bank commissioner.
I-a. ""Control'' means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. Any person is presumed to control a company if such person:
(a) Is a director, general partner, or executive officer;
(b) Directly or indirectly has the right to vote 10 percent or more of a class of a voting security or membership interest, or has the power to sell or direct the sale of 10 percent or more of a class of voting securities or membership interest;
(c) In the case of a limited liability company, is a managing member; or
(d) In the case of a partnership, has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital.
I-b. ""Department'' means the banking department.
I-c. ""Direct owner'' means any person, including individuals, that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of 10 percent or more of the applicant or licensee.
I-d. ""Financial services'' or ""financial services-related'' means securities, commodities, banking, insurance, consumer lending, money transmission, debt adjustment, or real estate, including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage broker, mortgage servicer, real estate salesperson or agent, closing agent, title company, or escrow agent.
II. ""First mortgage loan'' shall have the same meaning as provided in RSA 397-A:1, VII.
II-a. ""Indirect owner'' means, with respect to direct owners and other indirect owners in a multilayered organization:
(a) In the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25 percent or more of that corporation.
(b) In the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25 percent or more of the partnership's capital.
(c) In the case of an owner that is a trust, the trust, each trustee and each beneficiary of 25 percent or more of the trust.
(d) In the case of an owner that is a limited liability company (""LLC''):
(1) Those members that have the right to receive upon dissolution, or have contributed, 25 percent or more of the LLC's capital; and
(2) If managed by elected managers, all elected managers.
(e) In the case of an indirect owner, the parent owners of 25 percent or more of their subsidiary.
III. ""Mortgage servicing company'' means an individual, partnership, corporation, association, or other entity however organized and wherever located which, for itself or on behalf of the holder of a first or second mortgage loan, records such payments on its books and records and performs such other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company.
IV. ""Mortgagor'' means any person or persons obligated to repay a first or second mortgage loan.
IV-a. ""Mortgage loan'' shall have the same meaning as provided in RSA 397-A:1, XIV.
IV-b. ""Nationwide Mortgage Licensing System and Registry'' shall have the same meaning as provided in RSA 397-A:1, XIV-c.
IV-c. ""Originator'' and ""mortgage loan originator'' shall have the same meaning as provided in RSA 397-A:1, XVII.
V. ""Principal'' of the applicant or registrant means an owner with 10 percent or more ownership interest, corporate officer, director, member, general or limited liability partner, limited partner with 10 percent or more ownership interest, trustee, beneficiary of 10 percent or more of the trust that owns the applicant or licensee, indirect owner, senior manager, New Hampshire branch manager, and any person occupying similar status or performing similar functions.
VI. ""Publicly traded'' means a company whose securities are traded on a securities exchange system approved and supervised by the Securities and Exchange Commission, including but not limited to the NYSE, AMEX, BSE, and NASDAQ. The term also includes a public reporting company that is subject to sections 12 or 15(d) of the Securities Exchange Act of 1934.
VII. ""Second mortgage loan'' shall have the same meaning as defined in RSA 397-A:1, XXII.
Source. 1995, 207:1. 2003, 313:21. 2005, 255:46, 80, 81, eff. Sept. 12, 2005. 2006, 303:19-21, eff. Aug. 18, 2006. 2008, 205:25, eff. Aug. 15, 2008; 372:6, 7, eff. Jan. 1, 2009. 2009, 204:27, 31, eff. Sept. 13, 2009; 290:48, eff. July 31, 2009..