HI SB950

Requires mortgage servicer licensees to submit a $500 application fee and obtain commissioner approval for any proposed change of control of the licensee.

Commissioner must approve change of control if the acquiring person or group will comply with mortgage servicer laws, has competence and proper character to control the licensee, and the public interest will not be jeopardized.

Defines "executive officer" to include president, chairperson, senior officer responsible for business, chief financial officer, and similar positions.

Establishes presumption that individuals controlling an entity include executive officers and directors/general partners/managing members owning 10% or more of voting securities.

Modifies disclosure and notification requirements for mortgage servicers regarding criminal indictments, regulatory actions, and personal financial difficulties of executive officers, directors, managing members, and general partners.