HOUSE OF REPRESENTATIVES

H.B. NO.

1097

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to the SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Section 454F-1, Hawaii Revised Statutes, is amended by amending the definition of "sole proprietorship" to read as follows:

     ""Sole proprietorship" means a mortgage loan originator business that is solely and personally owned and operated by an individual mortgage loan originator[, and where there is no legal distinction between the individual business owner and the business]."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.

     SECTION 3.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Residential Mortgage Loans; Secure and Fair Enforcement for Mortgage Licensing Act; Sole Proprietorships

 

Description:

Amends the definition of "sole proprietorship" for individual mortgage loan originators subject to the Secure and Fair Enforcement for Mortgage Licensing Act to repeal the qualifier that there be no legal distinction between the individual mortgage loan originator business owner and the business.

 

 

 

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