HI HB1098

Authorizes the Commissioner of Financial Institutions to adjust mortgage loan recovery fund fees without going through the formal rulemaking process under chapter 91, HRS.

Allows the commissioner to make a finding and adjust fees generated by licensee renewals or determine that renewal payments shall cease when the fund reaches $750,000.

Permits the commissioner to adjust fees to a reasonable level if the fund balance falls below $250,000 after the first five years to restore it to the $750,000 target.

Addresses the current situation where the mortgage loan recovery fund has accumulated over $1,100,000, exceeding the original $750,000 goal established by Act 84, Session Laws of Hawaii 2010.

Takes effect on July 1, 2030.