Hawaii passed a bill repealing mortgage loan recovery fund fees paid by mortgage loan originator companies under the Secure and Fair Enforcement for Mortgage Licensing Act. Under the bill, a mortgage loan originator company is no longer required to pay a mortgage loan recovery fund fee at the time of license application or at the time of license renewal for the mortgage loan originator company’s principal and branch offices. A mortgage loan originator is still required to pay a $200 mortgage loan recovery fund fee at the time of license application and $100 mortgage loan recovery fund fee at the time of license renewal. The bill becomes effective July 1, 2022.
Click to view the Hawaii State Bill 1105: https://www.tenaco.com/wp-content/uploads/2022/06/HI-SB-1105-06-21-22.pdf
