STAND. COM. REP. NO.  917

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 1411

      H.D. 2

 

 

 

 

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. 1411, H.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this bill is to implement a comprehensive strategy to reform the foreclosure laws in Hawaii by replacing the existing non-judicial foreclosure process with a new non-judicial process.

 

     FACE Hawaii, and several concerned individuals supported this bill.  Hawaii Bankers Association, Hawaii Financial Services Association, and Hawaii Credit Union League opposed this measure.  The Judiciary, Department of Commerce and Consumer Affairs, Hawaii Association of REALTORS, and USAA submitted comments.

 

     Your Committee has amended this measure by:

 

     (1)  Inserting an appropriation to pay for the initial costs associated with establishing a dispute resolution program to avoid or mitigate the damages of foreclosure; and

 

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

 

     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. 1411, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1411, H.D. 2.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair