Bill Text: HI HB632 | 2023 | Regular Session | Introduced

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Bill Title: Relating To Leases.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2023-01-27 - Referred to WAL, JHA, FIN, referral sheet 2 [HB632 Detail]

Download: Hawaii-2023-HB632-Introduced.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	632
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO LEASES.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1. The legislature finds that lack of funding sources can be an impediment to those native Hawaiians granted land leases under the provisions of the Hawaiian Homes Commission Act. One reason for this issue is the failure of current lease documents to conform to the requirements of federally insured leading programs such as Fannie Mae or Freddie Mac.

     The purpose of this Act is to modernize the language used in all leases relating to the conveyance of “available lands” as designated in section 203 of the Hawaiian Homes Commission Act, 1920, as amended, such that it conforms to the requirements for securitization of federally insured lending programs such as Fannie Mae or Freddie Mac.

     SECTION 2. The Hawaiian Homes Commission Act, 1920, as amended, is amended by adding a new section to be appropriately designated and to read as follows:

     “§    Land leases; specific language required.

Notwithstanding any provision of this Act to the contrary, any land lease used in the conveyance of “available lands” as defined in section 203 of the Hawaii Homes Commission Act shall conform in all respects to the requirements for securitization by federally insured lending programs.”

     SECTION 3. New statutory material is underscored.

     SECTION 4. This Act shall take effect upon its approval.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Hawaiian Homes Commission Act; Leases; Modernization

 

Description:

Requires leases used in the conveyance of available lands as

defined by section 203 of the Hawaiian Homes Commission Act, as

amended, to conform to the requirements for securitization by

federally insured lending programs.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.