S.B. 2062 Summary

• Adds definition of "residential mortgage loan" to Hawaii Revised Statutes, referencing the definition in section 454F-1.

• Restricts the sale of residential mortgage loans by banks, savings banks, savings and loan associations, financial services loan companies, and credit unions to only two categories of buyers: financial institutions with an authorized place of business in Hawaii, or financial institutions that designate and maintain an agent in Hawaii authorized to accept service of process.

• Applies the same residential mortgage loan sale restrictions uniformly across five different types of financial institutions regulated under chapters 5, 6, 7, 9, and 10 of article 412.

• Takes effect upon approval and does not affect rights, duties, or proceedings that began before the effective date.