STAND. COM. REP. NO.  1502-14

Honolulu, Hawaii

                , 2014

RE:   S.B. No. 2818

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 2818 entitled:

"A BILL FOR AN ACT RELATING TO MORTGAGE SERVICERS,"

begs leave to report as follows:

The purpose of this measure is to change the annual license renewal date for mortgage servicers from June 30 to December 31 of each calendar year.

Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.

     Your Committee finds that moving the annual license renewal date for mortgage servicers to December 31 of each calendar year will avoid confusion and conform the renewal date with that of the Nationwide Mortgage Licensing System and Registry.

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2818 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

____________________________

ANGUS L.K. McKELVEY, Chair