Bill Text: HI HB1710 | 2024 | Regular Session | Introduced

Hawaii House Bill 1710

Introduced

Bill Title: Relating To Leases.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced) 2024-01-24 - Referred to JHA, FIN, referral sheet 1 [HB1710 Detail]

Download: Hawaii-2024-HB1710-Introduced.html

HOUSE OF REPRESENTATIVES	H.B. NO.	1710
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

A BILL FOR AN ACT

relating to leases.

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

SECTION 1. The legislature finds that lack of funding sources can be an impediment to native Hawaiian families that have held homestead leases under the Hawaiian Homes Commission Act. Specifically, current lease documents fail to conform to the requirements of federally insured leading programs such as Fannie Mae or Freddie Mac.

The purpose of this Act is to modernize the language used in all leases relating to the conveyance of �available lands� as designated in section 203 of the Hawaiian Homes Commission Act, 1920, as amended, such that it conforms to the requirements for securitization of federally insured lending programs such as Fannie Mae or Freddie Mac.

SECTION 2. The Hawaiian Homes Commission Act, 1920, as amended, is amended by adding a new section to be appropriately designated and to read as follows:

"§ Land leases; specific language required. Notwithstanding any provision of this Act to the contrary, any land lease used in the conveyance of �available lands� as defined in section 203 of the Hawaii Homes Commission Act shall conform in all respects to the requirements for securitization by federally insured lending programs.�

SECTION 3. New statutory material is underscored.

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

INTRODUCED BY:	_____________________________

Report Title:

Minority Caucus Package; Hawaiian Homes Commission Act; Leases

Description:

Requires leases used in the conveyance of available lands as

defined by section 203 of the Hawaiian Homes Commission Act, as

amended, to conform to the requirements for securitization by

federally insured lending programs.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.