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Financial Services Law Insights and Observations

Hawaii regulator permits licensees to reduce office hours, temporarily close

State Issues Covid-19 Hawaii Licensing Mortgage Origination Mortgage Servicing Money Service / Money Transmitters

State Issues

The Hawaii Division of Financial Institutions issued guidance indicating that it will temporarily permit licensees with locations in Hawaii to reduce hours or close offices during Hawaii’s Covid-19 Emergency Period. The guidance clarifies that financial institutions and escrow depositories are required to provide notice of closures or reductions in hours to the Division and to customers as soon as practicable.  While mortgage loan originators, mortgage servicers, and money transmitters are not required to provide notice, the Division requests a courtesy notification of any closure or reduction in hours, and mortgage loan originator branch managers must post signage at the branch office.