HB 988 Summary

• Implements section 106 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174) by creating temporary authority for mortgage loan originators in Hawaii.

• Grants registered loan originators moving from depository institutions to state-licensed mortgage companies temporary authority to originate loans for up to 120 days while their state license application is pending.

• Allows state-licensed loan originators who were licensed in another state during the preceding 30 days to obtain temporary authority to originate loans in Hawaii for up to 120 days while applying for a Hawaii license.

• Temporary authority begins when applicants submit required information and fees, and ends when the application is approved, denied, withdrawn, or remains incomplete after 120 days.

• Employers and individuals with temporary authority are subject to the same requirements and applicable Hawaii law as state-licensed loan originators.