STAND. COM. REP. NO.  826

Honolulu, Hawaii

                , 2013

RE:   H.B. No. 838

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 838, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO MORTGAGE LOAN ORIGINATION,"

begs leave to report as follows:

The purpose of this measure is to update mortgage loan origination regulatory provisions by:

(1)  Clarifying licensure requirements;

(2)  Adjusting license application and renewal fees for mortgage loan originators to unspecified amounts;

(3)  Adding a new fee schedule for licensing of sole proprietor mortgage loan originators;

(4)  Adding a new processing fee for each control person of a mortgage loan originator company; and

(5)  Establishing fees of unspecified amounts for mortgage servicer companies that conduct mortgage loan origination activities.

The Department of Commerce and Consumer Affairs testified in support of this measure.

     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 H.B. No. 838, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair