Original post: With a million thanks to SimpleCart developer Bert Oost for his advice, this problem is resolved. In case someone else runs into this issue in the future, here was the problem (which I would have never found).
When creating a Formit hook that calls a custom class, there is an issue with the model path used in your component matching up with Formits.
Essentially, (as Bert explained it) if the name matches, Formit will use it's own model path as opposed to your scripts model path. So simply changing it to "modelsPath" fixed the issue.
Again, my sincerest thanks to Bert Oost for his advice in this situation.
