Hawaii Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Secure and Fair Enforcement for Mortgage Licensing Act / Haw. Rev. Stat. Ann. §454F-19 | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan, except a person who is exempt, must be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule or order of the Commissioner. |
| Financial Services Loan Company Act / Haw. Rev. Stat. Ann. §431:13-104 | Notice of Right to Choose Insurer (FSLCA) | No entity which lends money or extends credit, including mortgage brokers, mortgage solicitors and financial services loan companies, may require as a condition precedent to the lending of money or extension of credit that the borrower negotiate any contract of insurance, or renewal thereof, through a particular insurer or group of insurers or producer or group of producers. The lender must explain to the borrower in writing that the insurance related to the credit extension may be purchased from an insurer or producer of the borrower's choice, subject only to the lender's right to reject a given insurer or producer as mentioned above. Compliance with disclosures as to insurance required by Truth in Lending Act or comparable state laws will suffice for compliance under this law. |
| Mortgage Foreclosures / Haw. Rev. Stat. Ann. §667-41 | Public Information Notice Regarding Foreclosure | All financial institutions, mortgagees, lenders, business entities and organizations without limitation, and persons, who intend to use the power of sale foreclosure process must provide the public information notice to the public, upon request, and to any applicant submitting a loan application where residential property is required to be used to secure the loan. The notice must be provided to all applicants and all owners of the residential property (if different from the applicants) within 3 business days after the submission of a written loan application, or within 3 business days after the time residential property is required to be used to secure a loan, whether or not there is a written loan application. The purpose of the public information notice is to inform the public, applicants, and others that the financial institutions, mortgagees, lenders, organizations, and other business entities and persons who are authorized under this part to enforce the foreclosure rights in a mortgage, in the event of the borrower's default, have the option of pursuing either a judicial or nonjudicial foreclosure in the manner provided by law. Refer to citation for specific language. |
| Financial Services Loan Company Act / Haw. Rev. Stat. Ann. §412:9-302(b) | Usury Maximum Finance Charge | A financial services loan company may charge, contract for, and receive a finance charge in any form or forms at an annual percentage rate not to exceed 24% per year, together with any other charges that are excluded or excludable from the determination of finance charge under the Truth in Lending Act. This rate will be applicable to any loan, whether or not the Truth in Lending Act applies to the transaction, notwithstanding the fixed or variable manner in which interest or a finance charge may be computed under the loan, and whether or not the contract uses the terms “interest” or “annual percentage rate” or “finance charge” or any combination of the terms. |
Usury Maximum Rate of Interest | The parties to a consumer credit transaction may agree to a maximum rate of interest of 1% per month or 12% per year. Excludes - (1) loans secured by a first mortgage lien on real property incurred after May 30, 1980; (2) a purchase money junior mortgage lien on real property incurred after June 18, 1982 (so long as the subordinate lien is given to the seller as part of the buyer's consideration for the purchase of real property and delivered at the same time that the real property is transferred as a simultaneous part of the transaction); (3) any mortgage loan transaction wholly or partially secured by a guarantee or insurance or a commitment to insure issued by FHA or VA; or (4) any mortgage loan made by a financial institution regulated under the Hawaii Financial Services Loan Company Act. |