§667-41 - Public information requirement. - Hawaii Statutes

     [§667-41]  Public information requirement.  All financial institutions, mortgagees, lenders, business entities and  organizations without limitation, and persons, who intend to use the power of sale foreclosure under this part, under the conditions required by this part, shall also develop informational materials to educate and inform borrowers and mortgagors.  These materials shall be made available to the public, including the borrowers at the time of application for a mortgage or loan, or other contract containing a power of sale foreclosure provision.  These materials, among other things, shall inform the borrower that the financial institution and other business entities and persons who are authorized under this part to exercise the power of sale foreclosure, in the event of the borrower's default, have the option of pursuing either a judicial or nonjudicial foreclosure as provided by law.  These informational materials shall fully and completely explain these remedies. [L 1998, c 122, pt of §1]