HI HB866

Establishes a mortgage license exemption for sellers of real property who offer or negotiate terms of a residential mortgage loan secured by the seller's own real property where the seller is the mortgagee.

Exemption applies only when the seller provides three or fewer residential mortgage loans in one calendar year.

Interest rate for loans under this exemption cannot exceed Hawaii's state usury limit.

Recognizes seller financing as a useful credit market tool that expands buyer pools and provides opportunities for purchasers unable to qualify for traditional mortgage loans.

Takes effect on July 1, 2112.