STAND. COM. REP. NO.  726

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 879

      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 Committee on Finance, to which was referred H.B. No. 879 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this bill is to implement the recommendations of the Mortgage Foreclosure Task Force relating to service of notice, conversion from nonjudicial to judicial foreclosure, the bar against deficiency judgments applicable to a mortgagee who completes a foreclosure under power of sale, notice of pendency of action, and extinguishment of a mortgagor's interest.

 

     The Department of Commerce and Consumer Affairs, Hawaii Bankers Association, Hawaii Financial Services Association, and several concerned individuals testified in support of this bill.  The Judiciary, Hawaii Association of REALTORS, and a concerned individual provided comments.

 

     Your Committee has amended this bill by:

 

     (1)  Inserting an effective date of July 1, 2030, to encourage further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.


     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 879, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 879, H.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair