§454-2  Exemptions.  This chapter does
not apply to the following:



(1)  Banks, operating subsidiaries of a bank
established and operating under section 412:5-203, trust companies, savings
associations, pension trusts, credit unions, insurance companies, financial
services loan companies, or federally licensed small business investment
companies, authorized under any law of this State or of the United States to do
business in the State;



(2)  A person making or acquiring a mortgage loan with
one's own funds for one's own investment without intent to resell the mortgage
loan;



(3)  A person licensed to practice law in the State,
not actively and principally engaged in the business of negotiating loans
secured by real property, when the person renders services in the course of the
person's practice as an attorney;



(4)  A person licensed as a real estate broker or
salesperson in the State, not actively engaged in the business of negotiating
loans secured by real property, when the person renders services in the course
of the person's practice as a real estate broker or salesperson;



(5)  An institutional investor negotiating, entering
into, or performing under a loan purchase agreement for its portfolio, for
subsequent resale to other institutional investors, or for placement of the
mortgages into pools or packaging them into mortgage-backed securities.  As
used in this paragraph, "loan purchase agreement" means an agreement
or arrangement under which a bank, savings and loan, credit union, financial
services loan company, or other financial institution registered to do business
in the State of Hawaii agrees to sell mortgage loans or obtain funding
therefor, with or without the transfer of servicing rights, to an institutional
investor;



(6)  [Paragraph effective until June 30, 2010.  For
paragraph effective July 1, 2010, see below.]  Foreign lender as defined in
section 207-11; and



(6)  [Paragraph effective July 1, 2010.  For
paragraph effective until June 30, 2010, see above.]  Foreign lender as
defined in section 207-11;



(7)  A person licensed under chapter 467 as a real
estate broker or salesperson selling time share interests on behalf of a time
share plan developer that is licensed as a mortgage broker under this chapter;
provided that:



(A)  The acts or conduct of a developer's
authorized representative shall be deemed to be the acts or conduct of the
developer for the purposes of section 454-4; and



(B)  [Subparagraph effective until June 30,
2010.  For subparagraph effective July 1, 2010, see below.]  If the person
engages in acts or conduct prohibited under section 454-4(a), the acts or
conduct shall constitute grounds for disciplinary action under section 467-14.



(B)  [Subparagraph effective July 1, 2010. 
For subparagraph effective until June 30, 2010, see above.]  If the person
engages in acts or conduct prohibited under section 454-4(a), the acts or
conduct shall constitute grounds for disciplinary action under section 467-14;
and



(8)  [Paragraph effective July 1, 2010.]  An
individual licensed as a mortgage loan originator under chapter 454F. [L 1967,
c 228, §3; HRS §454-2; am L 1983, c 39, §2; am L 1989, c 218, §4 and c 266, §3;
gen ch 1992; am L 1999, c 43, §2; am L 2005, c 83, §1; am L 2007, c 18, §1; am
L Sp 2009, c 32, §4]