Any sole proprietor, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP), who, for compensation or gain, either directly or indirectly makes, negotiates, acquires, or offers to make, negotiate, or acquire a mortgage loan on behalf of a borrower seeking a mortgage loan are required to obtain a mortgage broker license.

Following are the requirements for obtaining a mortgage broker license in Hawaii:

• Submit a completed mortgage broker license application along with the application fee. The application can be downloaded at Department of Commerce & Consumer Affairs - State of Hawaii.
• The applicant must submit a current financial statement along with the application.
• A surety bond of $15,000 (MB-07) is required for a mortgage broker license.
• The principal broker must have a principal place of business in Hawaii.
• All branch offices shall be registered and conform to the permitted use under the zoning code of the county government.
• A mortgage broker license, regardless of issuance date, is renewable biennially on or before December 31 of each even-numbered year. Failure to renew license (payment of fees and completed renewal application form) on or before December 31, even-numbered years shall constitute an automatic forfeiture of license.
• A mortgage broker license in Hawaii does not require the applicant to have any specific education or experience.

Upon receipt of a complete application, it will take a minimum of 30 days to process, review, and investigate a complete application.

Mortgage Brokers and Solicitors law, Chapter 454, Hawaii Revised Statutes can be downloaded by clicking Department of Commerce & Consumer Affairs - State of Hawaii.

A list detailing exemptions from mortgage broker and mortgage solicitor licensing can be obtained at http://www.state.hi.us/dcca/pdf/pvl_Exemptions_Mortgage_Broker.pdf.

For more information on Hawaii Mortgage Broker Licensing, visit the Department of Commerce & Consumer Affairs - State of Hawaii.