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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2375 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE MORTGAGE RESCUE FRAUD PREVENTION ACT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 480E, Hawaii Revised Statutes, is amended by adding three new sections to be appropriately designated and to read as follows:
"§480E-A Mortgage rescue fraud; consumer education. The office of consumer protection shall educate consumers about fraudulent activities that may be committed against homeowners who face property foreclosures, liens, or encumbrances, as appropriate.
§480E-B Criminal penalties. Any person who violates section 480E-10 is guilty of a class C felony and, in addition to any other penalties, shall be fined $10,000.
§480E-C Disposition of collected fines. All fines collected under section 480E-B or 480E-11 shall be deposited into the compliance resolution fund established pursuant to section 26-9(o)."
SECTION 2. Section 480E-11, Hawaii Revised Statutes, is amended by amending its title to read as follows:
"[[]§480E-11[] Violation,] Unfair or
deceptive act or practice; penalties."
SECTION 3. In codifying the new sections added by section 1 of this Act, the revisor of statutes shall substitute appropriate section numbers for the letters used in designating the new sections in this Act.
SECTION 4. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 5. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2012.
Report Title:
Property Foreclosures, Liens, and Encumbrances; Mortgage Rescue Fraud Prevention Act
Description:
Requires the office of consumer protection to educate consumers about fraudulent activities that may be committed against homeowners who face property foreclosures, liens, or encumbrances, as appropriate. Establishes criminal penalties and a mandatory fine for certain violations of the mortgage rescue fraud prevention act. (SD1)
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