(a) This chapter shall be applicable to the following:

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 412:1-102

  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Federal financial institution: means a national banking association, federal savings bank, federal savings and loan association or federal credit union. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(1) All Hawaii financial institutions;
(2) Other persons, including foreign financial institutions, who subject themselves to special provisions of this chapter, or who, by violating any of its provisions, become subject to the penalties of this chapter; and
(3) To the extent permitted by federal law, all federal financial institutions transacting business in this State.
(b) A person shall not be deemed to be doing business in this State simply because it participates in a mortgage loan transaction with a Hawaii financial institution or a federal financial institution whose operations are principally conducted in this State by purchasing, acquiring, transferring, servicing, enforcing, or otherwise dealing with mortgaged property located in this State, or by foreclosing upon, or acquiring title to mortgaged property in case of a default under the mortgage, securing the rents and profits therefrom, or disposing of the same.
(c) Loans made by a financial institution pursuant to an agreement that a federal agency will guaranty the loan, or will purchase the loan, shall be subject to this chapter only to the extent consistent with federal law. No law of the State prescribing the nature, amount, or form of security or requiring security upon which loans may be made, or limiting the aggregate amount which is permitted to be invested in loans by reason of type of investment, or prescribing or limiting interest rates upon loans, or prescribing or limiting the period for which loans may be made shall be deemed to apply to loans made pursuant to an agreement with a federal agency that it will guaranty or purchase the loan.

  Previous
Next  
 Article 1 Contents