HI SB756

Establishes a mortgage license exemption for sellers who offer seller-financed residential mortgage loans secured by their own real property.

Limits exemption to sellers transacting three or fewer residential mortgage loans in one calendar year and excludes sellers who constructed the residence or acted as construction contractors in the ordinary course of business.

Requires sellers to provide buyers with comprehensive financing terms including interest rate, payment schedule, closing costs, total interest as a percentage of loan amount, and the seller's contact information.

Mandates sellers provide a disclaimer to be initialed by the buyer warning that financing from the seller grants a mortgage that could result in foreclosure and loss of the property.

Requires seller-financed residential mortgage loans to be recorded with the land court or bureau of conveyances and restricts interest rates to the state's usury limit.