Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 178 - ADMINISTRATIVE SPECIAL MORTGAGE RECORDING FEE GUIDELINES
Section 16-178-3 - Fee calculation
Current through February, 2024
(a) The SMRF shall be an amount equal to one-tenth of one per cent of the stated principal amount of the debt secured by the mortgage or, in the case of an amendment of a mortgage, one-tenth of one per cent of the increase of the stated principal amount of the debt, if any. For example:
(b) For a home equity loan or other open-end revolving loan secured by a mortgage, the SMRF shall be calculated on the maximum amount which may be borrowed under the loan.
(c) If a mortgage recites the full amount of the debt, but does not specify that the mortgage secures only a portion of the debt, the SMRF shall be calculated on the full amount of the debt. If a mortgage specifies that the mortgage secures only a portion of a debt, the SMRF shall be calculated on the amount specified as being secured by the mortgage. For example, where a business obtains a $500,000 loan, secured by certain assets, including a leasehold interest which has a minimal value, if the mortgage of the lease states that the mortgage secures $100,000 of the $500,000 loan, the SMRF for that mortgage shall be calculated on $100,000.
(d) A refinancing occurs when an existing debt is extinguished and a new loan is made. When a loan is refinanced, the new mortgage shall be subject to the SMRF. The SMRF shall be calculated on the entire amount of the debt secured by the new mortgage.
(e) If a mortgage states the amount of the secured debt, and also includes a reference to the maximum amount of additional protective advances which the lender may, but is not obligated to, make to protect its interests (e.g., for taxes, insurance, and lease rent), the SMRF shall be calculated only on the debt and not on the maximum amount of protective advances.
(f) When a mortgage secures a non-monetary or inchoate obligation, the SMRF shall be calculated on a dollar value which the mortgagee attributes to the non-monetary obligation.
(g) If the debt is stated in a foreign currency and is not stated in U.S. dollars, the debt shall be converted to U.S. dollars, using an exchange rate as published in the foreign exchange section of the money section of The Honolulu Advertiser, and which was in effect within one week prior to recordation of the mortgage.
