Hawaii passed a bill enacting change of control requirements under the Mortgage Servicers Act (MSA). Under the bill, a mortgage servicer licensed under the MSA must submit an application and a $500 fee to the Division of Financial Institutions in the event of a proposed change of control of the mortgage servicer. An individual is presumed to control the mortgage servicer if the individual is: an executive officer of the mortgage servicer; or a director, general partner, or managing member who has the right to sell or vote 10% or more of a class of voting securities of the mortgage servicer. The bill also amends requirements with respect to notifications provided to the Division of Financial Institutions. The bill becomes effective September 1, 2017.
See Hawaii State Legislature website for the full text of the Statutes
