STAND. COM. REP. NO. 1253

Honolulu, Hawaii

, 2019

RE: H.B. No. 988

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 988, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO TRANSITIONAL AUTHORITY IN THE MORTGAGE INDUSTRY,"

begs leave to report as follows:

The purpose of this measure is to implement section 106 of the federal Economic Growth, Regulatory Relief, and Consumer Protection Act, P.L. 115-174, and provide 120-day temporary authority to originate mortgage loans to:

(1) Certain mortgage loan originators employed in the State by a state-licensed mortgage company and who are moving from a depository institution to a non-depository institution; and

(2) Mortgage loan originators licensed in another state and moving interstate to Hawaii.

The Department of Commerce and Consumer Affairs provided comments on 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. 988, 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