HOUSE OF REPRESENTATIVES |
H.B. NO. |
2446 |
TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO FORECLOSURES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 667-1.5, Hawaii Revised Statutes, is amended to read as follows:
"§667-1.5 Foreclosure by action[.]; deficiency
judgment prohibited. (a) The circuit court may assess the
amount due upon a mortgage, whether of real or personal property, without the
intervention of a jury, and shall render judgment for the amount awarded, and
the foreclosure of the mortgage. Execution may be issued on the judgment, as
ordered by the court.
(b) A deficiency judgment shall be prohibited if a foreclosure sale does not produce sufficient funds to pay the amount of the judgment awarded."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
INTRODUCED BY: |
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Report Title:
Foreclosures; Deficiency Judgment
Description:
Prohibits deficiency judgment in cases of court-ordered foreclosures.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.