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Can you summarize NHRS Chapter 359-P?
TRADE AND COMMERCE (Chapters 333 - 359-U) > FRM VICTIMS' CONTRIBUTION RECOVERY FUND
Short Summary
This legal document pertains to the FRM Victims’ Contribution Recovery Fund established under the New Hampshire Revised Statutes. It defines various terms used in the chapter, including ‘Claimant’, ‘Director’, ‘Financial Resources Mortgage’, ‘Financial Resources Mortgage fraud’, ‘Fund’, ‘Person’, ‘Qualifying claimant’, ‘Recovery assistance’, and ‘Victim’. The document establishes the FRM victims’ contribution recovery fund, which is nonlapsing and continually appropriated to the director. The fund is capped at $10,000,000 and consists of gifts and contributions. It is used for awarding recovery assistance to qualifying claimants on a pro rata basis annually until all claims are satisfied. A claimant is eligible for recovery assistance if they submit all requested supplemental documents, demonstrate loss due to the Financial Resources Mortgage fraud, and meet all other requirements. Surviving spouses or children of qualifying claimants are also eligible for recovery assistance. The director hires an attorney or administrator to review applications, make awards, and report annually. Any award made under this chapter is set off against other recovery sources. Recovery assistance is not awarded if the claimant participated in or profited from the financial fraud. Awards are not subject to execution, attachment, garnishment, or other process, but can be forfeited if the claimant is convicted of forgery, fraud, or deception. The state is only obligated to make payments to claimants if there is money available in the fund. Claims for restitution assistance are not accepted for losses prior to January 1, 2006 due to financial fraud.
Whom does it apply to?
Victims of the Financial Resources Mortgage fraud
What does it govern?
FRM Victims' Contribution Recovery Fund
What are exemptions?
Borrowers under any loan transaction borrowed or serviced by Financial Resources Mortgage
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire