HI HB2502

Requires all mortgage servicers to register with the Nationwide Mortgage Licensing System (NMLS) as determined by the Commissioner of Financial Institutions

Prohibits licensed mortgage servicers from providing mortgage-loan modifications or other services requiring licensing under chapter 454F, Hawaii Revised Statutes, without complying with applicable licensure requirements

Authorizes the Commissioner to establish relationships or contracts with NMLS or other designated entities to collect and maintain records, and process transaction fees related to licensees

Allows the Commissioner to waive or modify requirements of chapter 454M, Hawaii Revised Statutes, to the extent reasonably necessary to participate in NMLS, and to use NMLS as an agent for information requests with the Department of Justice and other agencies

Retains existing administrative fine provisions for violations of chapter 454M, Hawaii Revised Statutes