§454-3.1 - Written agreements. - Hawaii Statutes

     [§454-3.1]  Written agreements.  For any transaction between a mortgage broker or a mortgage solicitor and a borrower, the following requirements shall apply:

     (1)  A mortgage broker and a mortgage solicitor shall comply with all provisions of the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Equal Credit Opportunity Act, as those laws currently exist or as they may be amended.

     (2)  Any written commitment letter to make a mortgage loan with specified terms, including loan amount, interest rate, points, and payment terms, which is issued by a mortgage broker or solicitor and accepted by a borrower, must be honored by the mortgage broker or solicitor if the borrower has completely satisfied all of the conditions of the commitment in a timely manner and prior to the specified expiration date of the commitment. [L 1989, c 218, §2]

 

Case Notes

 

  Where, on its face, plaintiffs' complaint stated a claim under this section without specifying either of its [paragraphs], removal to federal court was proper when defendant filed the notice of removal based on federal question jurisdiction.  334 F. Supp. 2d 1236.