STAND. COM. REP. NO. 1589-16
Honolulu, Hawaii
, 2016
RE: S.B. No. 2850
S.D. 2
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 2850, S.D. 2, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO MORTGAGE INDUSTRY REGULATION,"
begs leave to report as follows:
(1) Applies the same confidentiality requirements to mortgage loan originators as are already operative for mortgage servicers;
(2) Amends statutory definitions and updates provisions related to controlling federal laws to make the use of terminology and application of federal requirements consistent across both chapters; and
(3) Segregates statutory provisions related to each class of licensee into the appropriate chapter to avoid confusion and redundancy in licensing and enforcement requirements for mortgage servicers and mortgage loan originators, respectively.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2850, S.D. 2, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ SYLVIA LUKE, Chair |
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