STAND. COM. REP. NO. 3179

Honolulu, Hawaii

RE: S.B. No. 1105

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committees on Ways and Means and Judiciary, to which was referred S.B. No. 1105, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE MORTGAGE LOAN RECOVERY FUND,"

beg leave to report as follows:

The purpose and intent of this measure is to make administrative changes related to the mortgage loan recovery fund.

More specifically, the measure:

(1) Allows a person who has been aggrieved by the fraud, misrepresentation, or deceit of a mortgage loan originator or mortgage loan originator company licensee to receive restitution from the mortgage loan recovery fund after receiving a final court judgement;

(2) Repeals certain fees paid by mortgage loan originator companies and their branches to the mortgage loan recovery fund; and

(3) Provides the Commissioner of Financial Institutions with the authority to consider and approve an aggrieved person's application to recover from the mortgage loan recovery fund.

Your Committees received no written comments on this measure.

Your Committees find that the administrative changes made by this measure will allow more efficient management of the mortgage loan recovery fund.

Your Committees have amended this measure by:

(1) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(2) Making technical nonsubstantive changes for purposes of clarity, consistency, and style.

As affirmed by the records of votes of the members of your Committees on Ways and Means and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1105, S.D. 1, as amended herein, and recommend that it pass Third Reading in the form attached hereto as S.B. No. 1105, S.D. 2.

Respectfully submitted on behalf of the members of the Committees on Ways and Means and Judiciary,

________________________________ KARL RHOADS, Chair

________________________________ DONOVAN M. DELA CRUZ, Chair