In its 2012 session, the Hawaii legislature required all exempt registered Mortgage Loan Originators and Mortgage Loan Originator Companies of subsidiaries of insured depository institutions to be licensed, notwithstanding that the federal SAFE Act only imposes registration requirements upon such individuals. This new licensing requirement became effective July 1, 2012. The Hawaii Department of Commerce and Consumer Affairs recently announced that affected mortgage loan originators will have until September 30, 2012, to comply with the new licensing provisions, provided that by July 1, 2012, the mortgage loan originator had created an NMLS record, obtained an NMLS number, and created a sponsorship with an exempt registered mortgage loan originator company.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.
RegisterIf you have any questions about the service please contact customerservices@lexology.com or call Lexology Customer Services on +44 20 7234 0606.
Hawaii allows transition period for licensing of subsidiary mortgage loan originator companies and mortgage loan originators
- Ballard Spahr LLP
- USA
- August 9 2012
-
Click here to sign up for Ballard Spahr e-communications in a variety of practice areas.
Copyright © 2012 by Ballard Spahr LLP.
www.ballardspahr.com
(No claim to original U.S. government material.)
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.
This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.
If you are interested in submitting an article to Lexology, please contact Andrew Teague at ateague@lexology.com.
Peter Breepoel
Senior Patent Counsel
Royal DSM NV