STAND. COM. REP. NO.  447

 

Honolulu, Hawaii

                , 2015

 

RE:   H.B. No. 1098

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 1098 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 raise the target balance for the mortgage loan recovery fund and require the commissioner of financial institutions to:

 

     (1)  Cease collections of mortgage loan recovery fund fees from license renewals once the target balance is reached; and

 

     (2)  Adjust and recommence collection of the mortgage loan recovery fund fees from license renewals when the fund balance falls below a certain threshold.

 

     The Hawaii Association of Mortgage Brokers testified in support of this measure and provided amendments.  The Commissioner of Financial Institutions provided comments on this measure.

 

     Your Committee has amended this measure by:

 

     (1)  Removing language raising the target balance of the mortgage loan recovery fund and criteria for ceasing and recommencing the collection of fees;

 

     (2)  Specifying that the commissioner of financial institutions may cease, adjust the rate of, and recommence collection of fees, without regard to Chapter 91, Hawaii Revised Statutes, to attain the target balance for the mortgage loan recovery fund; and

 

     (3)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     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. 1098, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1098, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

ANGUS L.K. McKELVEY, Chair