Bill Text: HI HB2375 | 2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Property Foreclosures, Liens, and Encumbrances; Mortgage Rescue Fraud Prevention Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-06-29 - (S) Act 183, 6/28/2012 (Gov. Msg. No. 1286). [HB2375 Detail]

Download: Hawaii-2012-HB2375-Amended.html

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STAND. COM. REP. NO.  363-12

 

Honolulu, Hawaii

                , 2012

 

RE:   H.B. No. 2375

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committees on Consumer Protection & Commerce and Judiciary, to which was referred H.B. No. 2375 entitled:

 

"A BILL FOR AN ACT RELATING TO THE MORTGAGE RESCUE FRAUD PREVENTION ACT,"

 

beg leave to report as follows:

 

     The purpose of this measure is to provide additional protections for Hawaii consumers from persons who prey on homeowners who face property foreclosures from mortgage liens or other encumbrances by:

 

     (1)  Establishing the Mortgage Rescue Fraud Prevention Special Fund;

 

     (2)  Imposing criminal penalties on persons who violate certain provisions of the Mortgage Rescue Fraud Prevention Act; and

 

     (3)  Making conforming amendments.

 

     The Office of Consumer Protection, Hawaii Credit Union League, Hawaii Association of REALTORS, and a concerned individual supported this measure.  The Hawaii Financial Services Association and a concerned individual supported the intent of this bill.  The Department of Budget and Finance submitted comments.

 

     As affirmed by the records of votes of the members of your Committees on Consumer Protection & Commerce and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 2375 and recommend that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committees on Consumer Protection & Commerce and Judiciary,

 

 

____________________________ GILBERT KEITH-AGARAN, Chair		____________________________ ROBERT N. HERKES, Chair