CONFERENCE COMMITTEE REP. NO.73
Honolulu, Hawaii
, 2005
RE: H.B. No. 785
H.D. 1
S.D. 1
C.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 785, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO MORTGAGE FORECLOSURES,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this bill is to expressly provide for non-judicial foreclosure of time share interests under the power of sale. The provisions of this bill are based on the existing power of sale law, and as such they:
(5) Allow a mortgage creditor having a lien on a time share interest to request and receive written notice of foreclosure from another mortgage creditor with a lien on the same interest, at least seven days before the mortgage creditor forecloses on the mortgage by power of sale.
The bill also improves the notice given to time share mortgage debtors. In addition to publication of the notice of foreclosure in a newspaper in the county where the time share interest is located, the mortgage creditor must also provide the mortgagor with notice of foreclosure by:
(1) Certified mail, return receipt requested, when the mortgagor's last known address is within the United States; or
(2) Mail, when the mortgagor's last known address is outside the United States.
Your Committee on Conference finds that foreclosure under the power of sale provides time share associations and time share lenders a practical alternative to pursuing judicial foreclosure of a time share interest, the cost of which frequently exceeds the amount recovered. Further, the additional notice that this bill requires will protect the many time share mortgage debtors who do not live in the county where the time share interest is located.
Your Committee on Conference has amended this bill by making technical, nonsubstantive amendments for clarity and style.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 785, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 785, H.D. 1, S.D. 1, C.D. 1.
Respectfully submitted on behalf of the managers:
ON THE PART OF THE SENATE |
ON THE PART OF THE HOUSE |
____________________________ RON MENOR, Chair |
____________________________ KENNETH HIRAKI, Chair |
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