HRS 0454-0008 ANNOTATIONS

The broad language of this section, which expressly invalidates "any contract entered into by any person with any unlicensed mortgage broker", read in conjunction with the definition of "mortgage broker" as set forth in §454-1, compels the conclusion that a note and mortgage designating the broker as the creditor as a result of the broker's brokering activities falls within the proscription of this chapter. 96 H. 289, 30 P.3d 895.

This section must be interpreted to invalidate only those contracts into which unlicensed mortgage brokers enter in their capacity as mortgage brokers within the meaning of §454-1. 96 H. 289, 30 P.3d 895.

Where a partnership was a mortgage broker within the meaning of §454-1, and the partnership-broker was unlicensed, the promissory note and mortgage procured by the partnership-broker were void and unenforceable pursuant to this section, and a subsequent assignee also could not enforce the contracts. 96 H. 289, 30 P.3d 895.