STAND. COM. REP. NO. 651

Honolulu, Hawaii

RE:    S.B. No. 1262

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 1262, 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 and intent of this measure is to amend the Secure and Fair Enforcement for Mortgage Licensing Act by authorizing the Insurance Commissioner to make a finding to adjust the assessed mortgage loan recovery fund fee once the mortgage loan recovery fund reaches its target balance.

     Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs and Hawaii Association of Mortgage Brokers.

     Your Committee finds that authorizing the Commissioner of Financial Institutions to make a finding to adjust the assessed mortgage loan recovery fund fee provides appropriate flexibility to manage the fund so that it reaches and maintains its target balance.

     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. 1262, S.D. 1, and recommends that it pass Third Reading.

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

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JILL N. TOKUDA, Chair