Haw. Code R. § 16-178-5 - Non-applicability and exemption criteria
(a) The SMRF is not
applicable to a document which does not constitute a mortgage. These documents
include, but shall not be limited to:
(1) A
document confirming, amending, or correcting a mortgage without an increase in
the debt;
(2) An assumption of a
mortgage;
(3) A negative
pledge;
(4) An agreement of sale;
and
(5) Such other documents as
determined by the HHRF or the bureau of conveyances in their sole
discretion.
(b) The SMRF
shall be payable only once for a mortgage recorded concurrently with both the
bureau of conveyances of the State and with the assistant registrar of the land
court of the State.
(c) The SMRF
shall be collected only once with respect to the same debt secured by multiple
mortgages which are recorded, provided that there is no increase in the amount
of the debt.
(1) Except as provided in
paragraphs (2) or (3), if the SMRF based on the full debt is paid when the
first mortgage securing the debt is recorded, the SMRF shall not be collected
when further mortgages securing the same debt are recorded, provided that there
is no increase in the amount of the debt.
(2) If the SMRF was not previously paid when
the prior mortgage securing the debt was recorded (e.g., the first mortgage was
recorded prior to July 1, 1993 when the SMRF was implemented), the SMRF shall
be paid when an additional security mortgage securing the same debt is
recorded. The SMRF shall be calculated based on the amount of the then
outstanding principal balance of the debt as stated in the additional security
mortgage (or the then applicable maximum commitment in the case of an open-end
revolving loan as stated in the additional security mortgage).
(3) The following chart demonstrates the
calculation of the SMRF when additional charge mortgages and additional
security mortgages are recorded:
Amount of Debt Secured by an Original Mortgage Recorded On or Before July 1, 1993 | Post July 1, 1993 Changes | SMRF Calculated On: |
1. $10,000 | Additional charge mortgage adding $2,000 debt | $ 2,000 |
2. $10,000 | Additional security mortgage to secure existing debt | $10,000 |
3. $10,000 | Additional security mortgage plus additional charge mortgage adding $2,000 debt | $12,000 |
4. $10,000 | Additional charge mortgage adding $2,000 debt | $ 2,000 |
5. $10,000 | Additional security mortgage for existing debt where there is no increase in debt and the SMRF has been previously paid on $10,000 | 0 |
6. $10,000 | Additional security mortgage plus additional charge mortgage adding $2,000 debt and the SMRF has been previously paid based on $10,000 | $ 2,000 |
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.