HOUSE OF REPRESENTATIVES

H.B. NO.

1880

TWENTY-SIXTH LEGISLATURE, 2012

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to private transfer fees.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that Act 169, Session Laws of Hawaii 2010, temporarily prohibited the inclusion in a deed of a restriction or other covenant running with the land that requires a transferee of real property to pay a fee in connection with a future transfer of the property.  Prior to Act 169, there was no regulation over the imposition of private transfer fees, no limitation on the application of the fees, and no accountability or oversight of the recipients of the fees.

     The purpose of this Act is to permanently prohibit private transfer fees by eliminating the repeal of Act 169.

     SECTION 2.  Act 169, Session Laws of Hawaii 2010, is amended by amending section 5 to read as follows:

     "SECTION 5.  This Act shall take effect upon its approval[, and shall be repealed on June 30, 2015]."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Real Property; Private Transfer Fees

 

Description:

Makes permanent the prohibition of private fees for a future transfer of real property.

 

 

 

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