STAND. COM. REP. NO. 721

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1218

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1218, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO MORTGAGE LOAN ORIGINATORS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to repeal the present licensing law on mortgage brokers and solicitors and replace it with a licensing law on mortgage brokers and loan originators.

 

     Your Committee received three written comments on this measure.  The written comments may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure is based upon a model Act prepared by the Conference of State Bank Supervisors and The American Association of Residential Mortgage Regulators.  Your Committee finds that unless this model Act is enacted, the State's right to regulate the mortgage industry may be forfeited to the federal government pursuant to the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.  Your Committee believes that it is in the State's best interests to maintain its rights to regulate the mortgage industry.

 

     Your Committee has amended this measure by making technical amendments for the purposes of clarity and style and by changing the effective date to July 1, 2090 to encourage further discussion on this matter.

 

     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. 1218, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1218, S.D. 2.

 

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

 

 

 

____________________________

DONNA MERCADO KIM, Chair