Brokers oppose the Senate, New Hawaii Mortgage Bill withheld

Caron

Hawaii mortgage brokers have finally succeeded in their protest against the recently introduced bill intended to increase regulatory powers over brokers and solicitors. The Senate Ways and Means Committee has dropped down the idea of approving the bill for the time being.

In response to the growth of predatory lending practices in the industry, the Senate had earlier proposed to come up with the bill. The primary aim was to regulate activities of brokers, solicitors and loan originators in the state. The State Division of Financial Institutions was to be given the authority to supervise broker services.

The bill, if passed, would have required brokers to undergo a test prior to getting the license, attain educational standards, and even pay for the audit of their records. But the Hawaii Association of Mortgage Brokers has asked the Senate to hold back the new bill at least for a year or so. They believe that their services are up to the standards for sustaining industry growth. Hence, the present laws are sufficient enough to uphold the industry standards and bring about future developments.

Related Article:

New Broker Laws in Hawaii

All times are GMT - 7 Hours

Page 1 of 1