Section 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;(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 |
[Eff 2/13/98] (Auth: HRS § 431P-5) (Imp: HRS §§ 431P-5, 431P-16)