Bill Text: HI SB694 | 2018 | Regular Session | Amended
Bill Title: Relating To Real Property Transactions.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2018-02-14 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to CPH. [SB694 Detail]
Download: Hawaii-2018-SB694-Amended.html
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THE SENATE |
S.B. NO. |
694 |
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TWENTY-NINTH LEGISLATURE, 2017 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO REAL PROPERTY TRANSACTIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that real property in the State is often vulnerable to hazards, such as coastal erosion and flooding from tsunamis, storms, and high waves. These hazards can be exacerbated by sea level rise and human-caused interruptions to natural sand supply. In Hawaii, all beaches are prone to seasonal or episodic erosion from high waves and storms. In addition, chronic erosion affects seventy per cent of the beaches on Oahu, Maui, and Kauai.
The legislature further finds that numerous court decisions have affirmed that privately owned oceanfront land is lost when shorelines undergo landward retreat and oceanfront properties become smaller. When oceanfront property experiences landward retreat, building setbacks, property values, and insurance availability can be adversely impacted. Another challenge property owners face in Hawaii is the stringent permit requirements imposed by the counties and State for shoreline protection. When shoreline retreat occurs, obtaining a permit to repair or install shoreline protection structures, such as seawalls, revetments, geotextile sandbags, or groins, can be challenging due to Hawaii's coastal zone management policies, which protect coastal natural resources and shoreline public access. Furthermore, the legislature recognizes sea level rise and shoreline retreat as concerns for all property owners, not just oceanfront property owners.
Accordingly, the purpose of this Act is to require a sea level rise hazard exposure statement with the sale or transfer of any real estate to ensure that new property owners and transferees understand the special hazards, permitting requirements, and limitations that may affect the property.
SECTION 2. Chapter 508, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§508- Sea level rise hazard exposure statement. (a) Effective November 1, 2019, every sale or transfer of real property shall include a sea level rise hazard exposure statement executed by the purchaser or transferee.
(b) Every sea level rise hazard exposure statement shall include acknowledgment by the purchaser or transferee that the purchaser or transferee has looked at the appropriate sea level rise hazard exposure map and accepts risks of purchasing or accepting a transfer of property that is at risk of climate-related exposure."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on November 1, 2019.
Report Title:
Real Property; Purchase or Transfer of Real Property; Sea Level Rise Hazard Exposure Statement
Description:
Requires a purchaser or transferee to execute a sea level rise hazard exposure statement with every sale or transfer of real estate that acknowledges that the purchaser or transferee has looked at the appropriate sea level rise hazard exposure map and accepts risks of purchasing or accepting a transfer of property that is at risk of climate-related exposure. Takes effect 11/01/2019. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
