Bill Text: HI SB2927 | 2018 | Regular Session | Introduced
Bill Title: Relating To Foreclosure.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2018-01-30 - Re-Referred to CPH/HOU, JDC. [SB2927 Detail]
Download: Hawaii-2018-SB2927-Introduced.html
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THE SENATE |
S.B. NO. |
2927 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to foreclosure.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. (a) The department of commerce and consumer affairs shall conduct a study of the effectiveness and enforcement issues relating to the State's foreclosure statutes under chapter 667, Hawaii Revised Statutes, including but not limited to:
(1) The publication of notices of public sales of foreclosed properties;
(2) Violations of notarial law;
(3) The time periods provided to homeowners to cure any default or alleged default; and
(4) The role of the bureau of conveyances in reviewing, processing, handling, and distributing conveyance documents.
(b) In addition, the study shall determine the provisions to be included in a proposed homeowners' bill of rights, designed to empower and protect homeowners subject to potential foreclosure. The proposed homeowners' bill of rights shall include but not be limited to protections for homeowners from:
(1) Unsafe and unsound mortgage servicing practices as identified by the Interagency Review of Foreclosure Policies and Practices (2011) conducted by the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision;
(2) The practice of dual tracking, which allows mortgagees to initiate or continue foreclosure-related actions against homeowners even while the homeowner's dispute resolution or loss mitigation application is pending;
(3) Force-placed insurance, where a mortgagee obtains insurance when the borrower fails to maintain or renew insurance of a mortgaged property as required of the borrower under the terms of a mortgage agreement;
(4) Trespass by real estate brokers, photographers, and buyers on foreclosed or potentially foreclosed properties;
(5) Harassment by real estate brokers and potential buyers seeking foreclosed or potentially foreclosed properties;
(6) Potential buyers making escrow deposits on properties involved in pending or unresolved foreclosure litigation;
(7) Fraudulent or wrongful notices of default and intention to foreclose; and
(8) Violations of due process arising from a mortgagee's failure to provide timely and adequate information to homeowners subject to foreclosure.
(c) The department of commerce and consumer
affairs shall submit a report of its findings and recommendations, including
any proposed legislation, to the legislature no later than twenty days prior to
the convening of the regular session of 2019.
SECTION 2. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Foreclosure; Homeowners Bill of Rights; Department of Commerce and Consumer Affairs; Study
Description:
Requires the Department of Commerce and Consumer Affairs to conduct a study of the effectiveness and enforcement issues relating to the State's foreclosure statutes under chapter 667, Hawaii Revised Statutes. Requires the Department of Commerce and Consumer Affairs to determine the provisions to be included in a proposed homeowners' bill of rights. Requires the Department of Commerce and Consumer Affairs to submit a report of its findings and recommendations to the legislature no later than twenty days prior to the convening of the regular session of 2019.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
