STAND. COM. REP. NO. 114-18

Honolulu, Hawaii

, 2018

RE: H.B. No. 2344

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 2344 entitled:

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

begs leave to report as follows:

The purpose of this measure is to:

(1) Augment the Commissioner of Financial Institutions' authority to modify requirements to participate in the NMLS, a national web-based licensing system, as modifications are being made to this system; and

(2) Authorize the Commissioner of Financial Institutions to enter into consent orders and to issue cease and desist orders for violations of the Secure and Fair Enforcement for Mortgage Licensing Act.

The Division of Financial Institutions of the Department of Commerce and Consumer Affairs testified in support of this measure.

Your Committee has amended this measure by:

(1) Changing its effective date to July 1, 2050, to promote further discussion; and

(2) Making technical, nonsubstantive amendments for style, clarity, and consistency.

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 H.B. No. 2344, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2344, H.D. 1, and be referred to your Committee on Judiciary.

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

____________________________

ROY M. TAKUMI, Chair