Hawaii Amends Secure and Fair Enforcement for Mortgage Licensing Act and Mortgage Servicers Act
Hawaii passed a bill amending the Secure and Fair Enforcement for Mortgage Licensing Act (SFEMLA) and the Mortgage Servicers Act (MSA). Under the bill, a mortgage servicer licensed under the MSA is no longer required to obtain a license under the SFEMLA in order to perform mortgage loan modifications. The bill also moves mortgage servicer provisions that currently appear under the SFEMLA to the MSA and deletes provisions relating to mortgage servicer companies from the SFEMLA. In addition, the bill; amends and adds definitions under both the SFEMLA and the MSA; amends renewal requirements under the MSA; and requires mortgage servicers licensed under the MSA to retain records for 7 years. The bill went into effect July 1, 2016.
See Hawaii State Legislature website for the full text of the Statutes:
http://www.capitol.hawaii.gov/session2016/bills/SB2850_CD1_.pdf
