454M-3  Exemptions.  This chapter shall not apply to the following:

Terms Used In Hawaii Revised Statutes 454M-3

  • assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • contract: A legal written agreement that becomes binding when signed.
  • corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • federal deposit insurance corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • lien: A claim against real or personal property in satisfaction of a debt.
  • mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • national credit union administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

     (1)  Any persons chartered or authorized under the laws of any state or federal law to engage in the activity of an insured depository institution as defined in title 12 United States Code section 1813(c)(2), including banks or savings associations, and operating subsidiaries of an insured depository institution;

     (2)  Trust companies, credit unions, insurance companies, and financial service loan companies licensed by the State;

     (3)  The Federal Deposit Insurance Corporation, in connection with assets acquired, assigned, sold, or transferred pursuant to section 13(c) of the Federal Deposit Insurance Act or as receiver or conservator of an insured depository institution;

     (4)  The Federal National Mortgage Association; the Federal Home Loan Mortgage Corporation; the Federal Deposit Insurance Corporation; the United States Department of Housing and Urban Development, and the Government National Mortgage Association and the Federal Housing Administration, and cases in which a mortgage insured under the National Housing Act, 12 United States Code section 1701 et seq., is assigned to the United States Department of Housing and Urban Development; the National Credit Union Administration; the Farmers Home Administration or its successor agency under Public Law 103-354; and the Department of Veterans Affairs, in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by termination of the contract for servicing the loan for cause, commencement of proceedings for bankruptcy of the servicer, or commencement of proceedings by the Federal Deposit Insurance Corporation for conservatorship or receivership of the servicer or an entity by which the servicer is owned or controlled;

     (5)  Any person making or acquiring contemporaneously no more than five residential mortgage loans with that person’s own funds for that person’s own investment; and

     (6)  A developer of a time share plan, or an affiliated entity of a developer of a time share plan, servicing a loan that is:

          (A)  Made by the developer or the developer’s affiliated entity; and

          (B)  Secured by a lien on a time share interest.