CHAPTER 454

MORTGAGE BROKERS AND SOLICITORS

 

Section

    454-1 Definitions

    454-2 Exemptions

    454-3 Licensing, requirements, application

  454-3.1 Written agreements

  454-3.5 Repealed

    454-4 Suspension, revocation

  454-4.5 Additional sanctions for violations committed against

          elders

    454-5 Power to investigate and enjoin

    454-6 Power of commissioner

    454-7 Fees, commissions, and charges

    454-8 Penalty, contracts void

 

Note

 

  L Sp 2009, c 32, §8 provides:

  "SECTION 8.  Effective August 1, 2010:

(1) No new license shall be issued and no license renewal shall be effected under chapter 454, Hawaii Revised Statutes; and

(2) An individual who is subject to this Act [enacting chapter 454F and amending various sections of the Hawaii Revised Statutes] shall be required to be licensed under chapter 454F, Hawaii Revised Statutes, by such later date approved by the United States Department of Housing and Urban Development, pursuant to the authority granted under Public Law 110-289, section 1508(e).  As of the date that an individual is required to be licensed under chapter 454F, Hawaii Revised Statutes, the remaining pro rata balance of the fees paid by the individual under chapter 454, Hawaii Revised Statutes, shall be applied to the individual's fees due under chapter 454F, Hawaii Revised Statutes, until exhausted."

 

Cross References

 

  Sunset evaluations modified, see §§26H-4, 5.

  Mortgage rescue fraud prevention act, see chapter 480E.

  Secure and fair enforcement for mortgage licensing act, see chapter 454F.

 

Law Journals and Reviews

 

  Timesharing in the 1990s.  I HBJ No. 13, at pg. 89.

 

Case Notes

 

  The broad language of §454-8, 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.