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S.A.F.E. Act - How Should it Apply to Attorneys? The S.A.F.E. Act and a companion state law, RSA 397-A have been the subject of much debate in the legal community. Many attorneys with clients seeking assistance in preventing foreclosures, renegotiating mortgages, or who are seeking advice regarding seller-financing, are questioning the NH Banking Department's interpretation and enforcement stance with regard to requiring attorneys to be licensed as mortgage originators in order to assist clients with mortgage modifications. While there is an exemption in the law for attorneys assisting clients with financing issues if it is "ancillary" to another matter in their representation, there has been no definition or caselaw interpretation of what is considered "ancillary." The Board of Governors has scheduled a meeting for June 17 at 4 pm to further discuss this issue and recommendations made by the Real Property Section. Those recommendations were requested by the Board at its meeting last month. RELATED LINKS ♦  Local homeowners among those struggling to make home-loan aid program work, Nashua Telegraph - August 13
♦ Slow Progress in Court's Mortgage-Modification Mediation, Concord Monitor - June 19 ♦ Attorneys: S.A.F.E. Act Shouldn’t Apply to Lawyers, Bar News - June 18 ♦ S.A.F.E. Act in NH: Chronology, Bar News - June 18 ♦ Real Property Section meeting re. S.A.F.E. Act and proposed recommendations for BOG - June 8 ♦ ABA Request Re: Financial Markets Reform, ABA Grassroots Action Alert ♦ S.A.F.E. Act Hinders Residential Seller Financing, Portsmouth Herald - May 28 ♦ Ruling Halts Banking Dept. Order Against Attorney, Union Leader - April 27 ♦ Atty, Commissioner Differ on Judge's Ruling, Concord Monitor - April 27 ♦ Court Order re: Dargon v. Commissioner Hildreth and the NH Banking Dept. - April 26 ♦ A Concord lawyer, NH Banking Department clash over laws, Concord Monitor - April 18 ♦ NH Banking Dept. Show Cause & Cease & Desist Order In Re: State of NH Banking Dept. v. Dargon - April 1 ♦ ABA to FTC : Broaden Attorney Exemptions in S.A.F.E. Act - March 29 ♦ Self-Study CLE: Be Safe! Understanding the NH S.A.F.E. Act and its Licensing Requirements for Attorneys ♦ Archived version of Be Safe! Understanding the NH S.A.F.E. Act and its Licensing Requirements for Attorneys |
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