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State halts Maui mortgage company operations

By Associated Press

LAST UPDATED: 06:04 a.m. HST, May 19, 2013

A Maui mortgage company has been ordered to stop issuing loans immediately.

The state Department of Commerce and Consumer Affairs gave the order on Friday.

The state says Maui resident Kathleen Patricia Morris and Herman-Morris Enterprises Inc. violated Hawaii law regulating financial institutions.

The state suspects that Morris and her company started loans without authorization.

Officials also say Morris and her company took money from home owners without passing it along to lenders.

Morris and her company are also accused of failing to update their financial disclosure and not notifying the state about a past revoked license.

The business is also known as Hawaii's Premiere Mortgage Co.

An administrative hearing on the matter will be held on May 29 on Oahu.

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ready2go wrote:
Why did it take so long? The State should also investigate the hundreds of tax exempt non- profits as well.
on May 18,2013 | 10:39AM
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