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HI HB1097
Bill
Status
1/28/2015
Primary Sponsor
Angus McKelvey
Click for details
AI Summary
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Amends the definition of "sole proprietorship" in Hawaii Revised Statutes Section 454F-1 for mortgage loan originators subject to the Secure and Fair Enforcement for Mortgage Licensing Act.
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Removes the requirement that there be "no legal distinction between the individual business owner and the business" from the definition of sole proprietorship.
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Redefines sole proprietorship as a mortgage loan originator business that is solely and personally owned and operated by an individual mortgage loan originator.
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Takes effect upon approval.
Legislative Description
Residential Mortgage Loans; Secure and Fair Enforcement for Mortgage Licensing Act; Sole Proprietorships
Last Action
The committee(s) on CPC recommend(s) that the measure be deferred.
2/18/2015