SB 2817 Summary

• Requires mortgage loan originator companies to maintain a principal place of business in Hawaii and be open to the public during regular business hours (Monday-Friday, 8:00 a.m. to 4:30 p.m., excluding state holidays).

• Eliminates exemptions that previously allowed individuals to facilitate mortgage loans for immediate family members and family-owned property without licensure.

• Clarifies that branch managers must be physically present at their assigned locations and may not oversee more than one branch office or principal place of business.

• Requires mortgage loan originator companies and mortgage servicer companies to be registered with the business registration division of the department of commerce and consumer affairs to renew their licenses.

• Removes confidentiality protections for employment history, disciplinary actions, and enforcement actions against mortgage loan originators, companies, and servicer companies that are reported in NMLS.

• Effective date: July 1, 2014.