Bill Text: HI SB2603 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Secure and Fair Enforcement of Mortgage Licensing Act; Residential Mortgage; Appropriation

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Passed) 2010-05-07 - (S) Act 084, 5/7/2010 (Gov. Msg. No. 542). [SB2603 Detail]

Download: Hawaii-2010-SB2603-Amended.html

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STAND. COM. REP. NO. 2527

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2603

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2603, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to bring the mortgage loan originator licensing laws into full compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

 

     Furthermore, this measure appropriates funds out of the compliance resolution fund to establish additional positions in the Division of Financial Institutions, the agency charged with administering the mortgage loan originator licensing laws.

 

     Your Committee received written comments on this measure from the Department of Budget and Finance and the Department of Commerce and Consumer Affairs.  The written comments may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure is necessary to ensure that the State retains its power to regulate the intrastate mortgage lending industry.  The State risks ceding that power to the federal government if the State's mortgage loan originator licensing laws fail to comply with the federal standards set out in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.  This measure provides the necessary statutory provisions to comply with the requirements of the federal law.

 

     Your Committee has amended this measure by making a variety of technical amendments to correctly reflect the printed version of the Hawaii Revised Statutes or Session Laws of Hawaii; correct internal cross references; provide consistency among provisions; and clarify language.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2603, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2603, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DONNA MERCADO KIM, Chair