- July 26, 1994
- All Issuing Agents
- Recent Legislation
During this most recent session, the New Hampshire Legislature passed, and Governor Merrill signed, four bills of interest to title insurance professionals.
Senate Bill 520-Local (effective July 23, 1994) permits the City of Concord to adopt a fiscal year running form July 1 to June 30, and to adopt a system of quarterly billing and collection of real estate taxes. Essentially, this legislation permits the City of Concord to issue a tax bill due on April 1 of the year in which the conversion to the new fiscal year is adopted, and thereafter, to issue four real estate tax bills each year. The four bills would be due and payable on July 1; October 1; January 2; and March 31 of each year.
Under Senate Bill 578-Local (effective July 5, 1994) municipalities with a fiscal year running from July 1 to June 30 which collect property taxes semi-annually in December and June are authorized to adjust the due dates of the semi-annual payments by moving each payment forward one month for six years. According, at the end of the six year period the semi-annual bills will be due and payable July 1 and December 1.
House Bill 1371 (effective January 1, 1995) relates to the claiming of the homestead right in a levy by sale of an execution on real estate. Section V of the bill, added by amendment at the committee hearings, mandates that the sale is void if payment of the full amount of the homestead is not made within ten days of the expiration of the redemption period.
House Bill 1416 (effective January 1, 1995) permits any person loaning money secured by a lien on manufactured housing owned by a tenant in a manufactured housing park to give written notice permissive rather than mandatory, the potential loss of priority of the mortgage to the lien of the park owner for unpaid rent and other charges, if such notices are not given, makes the giving of each notice a mandatory act for the prudent lender and/or investor.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.