9/23/15

New Hampshire's New Banking Laws Explained

In July Governor Maggie Hassan signed into law a bill modernizing and simplifying New Hampshire’s Banking Laws. The new laws go fully into effect on October 1, 2105, although some went into effect in July.

NH banking attorney John Funk said, "The existing laws had become outdated and cumbersome and interfered with the ability of banks and credit unions to serve their customers’ needs." Funk served on the working group that developed the new laws, representing banks.

According to Funk, nearly 25 separate chapters, some of which were over 100 years old, were reduced to 5 separate chapters. These chapters are distinguished from each other by the type of bank or credit union they regulate.
  • RSA Chapter 383-A establishes a set of requirements that apply to all banks and credit unions.
  • RSA Chapter 383-B governs NH depository banks, both mutual and stock, and the holding companies that own them.
  • RSA Chapter 383-C governs NH trust companies which are classified as banks, but are not authorized to accept deposits.
  • RSA Chapter 383-D governs a sub-set of trust companies known as NH family trust companies. These are private companies that serve the needs of the members of one family. The family members are defined by their relationship to a designated person.
  • RSA Chapter 383-E governs credit unions which are owned and operated by their members. They are different from banks, sharing some powers, but limited in others.
Attorney Funk has authored a series of articles that explain the new laws point by point as well as an overview of the new laws.

New Hampshire Overhauls Banking and Credit Union Laws - An overiew with links to a first look at:
On Monday, Governor Maggie Hassan signed into law a bill modernizing and simplifying New Hampshire’s trust company and family trust company laws (also known as private trust companies). - See more at: http://globenewswire.com/news-release/2015/07/30/756405/0/en/New-Hampshire-Modernizes-Its-Trust-Company-and-Family-Trust-Company-Laws.html#sthash.OMfCjwV0.dpuf

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