Hawaii Mortgage Broker Bonds

Category: Uncategorized
Published: Apr 19, 2011
SB 1218: License Bond – Mortgage Brokers

This bill will incorporate the federal definition that a mortgage loan originator will be required to be covered by a surety bond in an amount of the loans originated. The loan originator is also covered if he/she is an employee or an exclusive agent of a licensee; this will fulfill the bonding requirements as well. Under this new law it will require that the bond must provide coverage for all originators. This bill became a law because the Governor vetoed the bill and the legislature overrode the veto.

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