STAND. COM. REP. NO. 482

Honolulu, Hawaii

, 2019

RE: H.B. No. 989

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committees on Consumer Protection & Commerce and Judiciary, to which was referred H.B. No. 989 entitled:

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

beg leave to report as follows:

The purpose of this measure is to authorize the Commissioner of Financial Institutions to:

(1) Modify requirements and establish new requirements under state mortgage servicer regulatory laws to comply with changes and improvements made to the Nationwide Mortgage Licensing System; and

(2) Issue cease and desist orders against licensees and unlicensed persons and to enter into consent orders.

The Department of Commerce and Consumer Affairs supported this measure.

Your Committees have amended this measure by changing its effective date to July 1, 2050, to encourage further discussion.

As affirmed by the records of votes of the members of your Committees on Consumer Protection & Commerce and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 989, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 989, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Consumer Protection & Commerce and Judiciary,

____________________________ CHRIS LEE, Chair

____________________________ ROY M. TAKUMI, Chair