HI SB2612

Removes exemptions from mortgage loan originator licensure requirements under the SAFE Mortgage Licensing Act, eliminating previous exemptions for registered mortgage loan originators, family members, and attorneys.

Requires all individuals engaging in mortgage loan origination for dwellings in Hawaii to obtain and maintain an annual license and register with the Nationwide Mortgage Licensing System with a valid unique identifier.

Amends Section 454F-7 to clarify that mortgage loan originators who fail to maintain a valid license for five years or longer must retake the licensing test.

Repeals Section 454F-2 (exemptions) and deletes definitions of "clerical and support duties," "immediate family member," "insured depository institution," "loan processor or underwriter," and "registered mortgage loan originator" from the law.

Effective date is July 1, 2010, with licensure requirements effective August 1, 2010, or such later date as approved by the U.S. Department of Housing and Urban Development.