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.  845-12

 

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 Committee on Finance, to which was referred H.B. No. 2375 entitled:

 

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

 

begs 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 of the Department of Commerce and Consumer Affairs, Hawaii Association of REALTORS, and Hawaii Credit Union League supported this bill.  The Hawaii Financial Services Association and Hawaiian Community Assets submitted comments.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2375 and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

		____________________________ MARCUS R. OSHIRO, Chair