HOUSE OF REPRESENTATIVES

H.C.R. NO.

247

TWENTY-THIRD LEGISLATURE, 2006

  

STATE OF HAWAII

  
   

HOUSE CONCURRENT

RESOLUTION

 

REQUESTING THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS TO CONVENE A TASK FORCE TO CONSIDER THE REGULATION OF MORTGAGE BROKERS AND SOLICITORS BY THE DIVISION OF FINANCIAL INSTITUTIONS.

 

 

WHEREAS, mortgage brokers and solicitors are currently regulated by the Professional and Vocational Licensing Division and the Regulated Industry Complaints Office of the Department of Commerce and Consumer Affairs; and

WHEREAS, the Division of Financial Institutions of the Department of Commerce and Consumer Affairs regulates all other aspects of the mortgage lending and banking industry; and

WHEREAS, the transfer of the regulatory control of the mortgage brokers and solicitors to the Division of Financial Institutions would place all aspects of the mortgage lending industry under one regulatory body; and

WHEREAS, regulation under a single regulatory body will promote fairness and efficiency in governmental operations; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2006, the Senate concurring, that the Director of Commerce and Consumer Affairs is requested to convene a Task Force to consider:

(1) Whether there should be a transfer of the regulation of mortgage brokers and solicitors to the Division of Financial Institutions;

(2) The regulatory scheme to be employed if a transfer is recommended; and

(3) Other changes to the existing regulatory scheme if no transfer is recommended; and

BE IT FURTHER RESOLVED that the Legislature requests that the Task Force membership be comprised as follows:

(1) One person designated by the Director of Commerce and Consumer Affairs, representing the Division of Financial Institutions;

(2) One person designated by the Director of Commerce and Consumer Affairs, representing the Professional Vocational Licensing Division;

(3) One person designated by the Director of Commerce and Consumer Affairs, representing the Regulated Industries Complaints Office;

(4) Three persons representing the Hawaii Association of Mortgage Brokers;

(5) Three persons representing the Hawaii Bankers Association;

(6) Three persons representing the Hawaii Financial Services Association;

(7) Three persons representing the Mortgage Bankers Association of Hawaii;

(8) Three persons representing the Hawaii Credit Union League;

(9) One person representing State Farm Insurance Companies and State Farm Bank;

(10) One person representing Primerica Financial Services Home Mortgages, Inc.; and

(11) One person representing the Hawaii Association of Realtors; and

BE IT FURTHER RESOLVED that the Director of Commerce and Consumer Affairs is requested to submit a report to the Legislature not later than thirty days prior to the convening of the Regular Session of 2007, containing the findings and recommendations of the Task Force, including any proposed legislation that has the unanimous support of the Task Force members; and

BE IT FURTHER RESOLVED that the Task Force members are requested to serve on a voluntary basis and to assume responsibility for any costs associated with their participation on the Task Force; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of Commerce and Consumer Affairs, the Commissioner of Financial Institutions, the President of the Hawaii Association of Mortgage Brokers, the Director of the Hawaii Bankers Association, the Hawaii Financial Services Association, the President of the Mortgage Bankers Association of Hawaii, the Chairperson of the Board of Directors of the Hawaii Credit Union League, State Farm Insurance Companies and State Farm Bank, Primerica Financial Services Home Mortgages, Inc., and the President of the Hawaii Association of Realtors.

 

 
 

OFFERED BY:

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Report Title:

DCCA; Mortgage Brokers