HB 2323 Summary

• Amends Section 454F-41, Hawaii Revised Statutes, to expand the Mortgage Loan Recovery Fund to compensate persons aggrieved by licensee violations.

• Creates two categories of recovery: (1) fraud, misrepresentation, or deceit claims recoverable by court order or final judgment up to 10% of the residential mortgage loan (maximum $150,000) plus court costs and attorney fees; and (2) other chapter violations recoverable by commissioner order up to $25,000 per person for financial losses.

• Broadens eligibility by allowing restitution for violations not limited to fraud, misrepresentation, or deceit, establishing a separate $25,000 maximum for other violations under the chapter.

• Takes effect upon approval.