Bill Text: HI HB894 | 2012 | Regular Session | Amended

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Bill Title: Nonjudicial; Mortgage Foreclosures; Five-month moratorium

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB894 Detail]

Download: Hawaii-2012-HB894-Amended.html

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STAND. COM. REP. NO.  127

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 894

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committees on Consumer Protection & Commerce and Judiciary, to which was referred H.B. No. 894 entitled:

 

"A BILL FOR AN ACT RELATING TO MORTGAGE FORECLOSURES,"

 

beg leave to report as follows:

 

     The purpose of this bill is to place a moratorium on foreclosures pending the release of a final report on any federal investigation on the securitization of mortgages.

 

     The ILWU Local 142 and many concerned individuals testified in support of this bill.  An individual supported this measure with amendments.  The Office of Consumer Protection, Hawaii Bankers Association, Mortgage Bankers Association of Hawaii, Hawaii Credit Union League, Hawaii Financial Services Association, Hawaii Association of REALTORS, and a concerned individual opposed this bill.

 

     Your Committees have amended this bill by:

 

     (1)  Restricting the moratorium's application to non-judicial foreclosures; and

 

     (2)  Changing the end of the moratorium to five months subsequent to the effective date of this Act.

 

     As affirmed by the records of votes of the members of your Committees on Consumer Protection & Commerce and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 894, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 894, H.D. 1, and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committees on Consumer Protection & Commerce and Judiciary,

 

 

____________________________ GILBERT KEITH-AGARAN, Chair		____________________________ ROBERT N. HERKES, Chair