STAND. COM. REP. NO. 2478

Honolulu, Hawaii

RE:    S.B. No. 2818

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Commerce and Consumer Protection, 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 and intent 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 this measure conforms Hawaii's renewal date for mortgage servicers to NMLS, a nationwide system for state licensing and registration of state-licensed mortgage servicers and other financial service providers.  NMLS only allows renewals on December 31 of each year and cannot accommodate a mid-year renewal period.  Your Committee further finds that consistency with NMLS will save time and paperwork for the mortgage servicer industry and the Division of Financial Institutions of the Department of Commerce and Consumer Affairs.

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection 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 Commerce and Consumer Protection,

____________________________

ROSALYN H. BAKER, Chair