[ 454M-2.5] Unlicensed foreclosure actions voided. Any action taken in connection with a mortgage foreclosure under chapter 667 by a nonexempt person who engages in the business of mortgage servicing without a license as provided in this chapter shall be void for purposes of chapter 667.
Terms Used In Hawaii Revised Statutes 454M-2.5
- foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- mortgage: The written agreement pledging property to a creditor as collateral for a loan.