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WBK Industry News - State Regulatory Developments

Hawaii Provides 120-day Temporary Authority for Loan Originators to Originate Loans

The governor of Hawaii recently signed HB 988, which provides a 120-day temporary authority to originate loans in Hawaii for state-licensed loan originators moving interstate.  Pursuant to Section 106 of the federal Economic Growth, Regulatory Relief, and Consumer Protection Act, while employed by a Hawaii-licensed mortgage company, licensed loan originators from another state may have temporary authority to act as state-licensed loan originators for a period not to exceed 120 days while their Hawaii license application is pending.  Loan originators with temporary authority are subject to the applicable laws of Hawaii to the same extent as persons licensed by Hawaii. The bill is effective on November 24, 2019.