STAND. COM. REP. NO.  457-12

 

Honolulu, Hawaii

                , 2012

 

RE:   H.B. No. 2501

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 2501 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to protect Hawaii homeowners by amending the Secure and Fair Enforcement for Mortgage Licensing Act (chapter 454F, Hawaii Revised Statutes) to reflect recent changes in federal law and to adjust fees in light of new regulatory requirements.

 

     The Department of Commerce and Consumer Affairs supported this bill.  The Hawaii Association of Mortgage Brokers opposed this measure.

 

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2501 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

 

 

 

 

____________________________

ROBERT N. HERKES, Chair