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HI SB2879
Bill
Status
3/3/2020
Primary Sponsor
Ronald Kouchi
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AI Summary
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Amends Section 454F-41 of Hawaii Revised Statutes to expand the mortgage loan recovery fund to compensate persons aggrieved by licensee fraud, misrepresentation, or deceit
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Establishes two pathways for recovery: (1) court order or final judgment for up to 10% of residential mortgage loan amount (not exceeding $150,000) plus court costs and reasonable attorney fees; or (2) restitution order from the director of commerce and consumer affairs for up to $25,000 per person for financial loss
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Both recovery options limited to violations of the mortgage licensing chapter involving fraud, misrepresentation, or deceit by a licensee
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Takes effect July 1, 2050
Legislative Description
Relating To The Mortgage Loan Recovery Fund.
Restitution
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on CPC with none voting aye with reservations; none voting no (0) and Representative(s) Gates, McDermott, Thielen excused (3).
3/13/2020