Bill Text: HI SB1241 | 2010 | Regular Session | Amended
Bill Title: Real Property; Covenants
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB1241 Detail]
Download: Hawaii-2010-SB1241-Amended.html
STAND. COM. REP. NO. 777
Honolulu, Hawaii
RE: S.B. No. 1241
S.D. 2
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fifth State Legislature
Regular Session of 2009
State of Hawaii
Madam:
Your Committee on Judiciary and Government Operations, to which was referred S.B. No. 1241, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO REAL PROPERTY TRANSACTIONS,"
begs leave to report as follows:
The purpose of this measure is to prohibit a deed restriction or covenant that requires the payment of a transfer fee to a specified private party every time a property is sold or transferred.
Your Committee finds that some real estate developers charge transfer fees that require a payment to the developer every time a property is sold or transferred from one owner to the next. Some of these fees are unrelated to any legitimate purpose and serve only to enrich the developer. Your Committee finds that there is presently no regulation of these fees, no limitation on their application, and no accountability or oversight of the recipients.
Your Committee has amended this measure by making technical, nonsubstantive amendments.
As affirmed by the record of votes of the members of your Committee on Judiciary and Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1241, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1241, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Judiciary and Government Operations,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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