THE SENATE |
S.B. NO. |
2126 |
THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO SECURITY DEPOSITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§521- Security
deposit alternatives. Upon a tenant's request, a landlord that
requires a security deposit as a condition of a rental agreement pursuant to
section 521-44(b), shall offer to accept at least one of the following in lieu
of the required security deposit:
(1) Rental
security insurance; provided that:
(A) The insurance provider is an approved carrier licensed by, and
in good standing with, the insurance division of the department of commerce and
consumer affairs;
(B) The coverage is effective upon the payment of the first premium
and remains effective for the entire lease term; and
(C) The coverage provided per claim is not less than the amount the
landlord requires for a security deposit; or
(2) A
surety bond in an amount equal to the total security deposit.
Nothing
in this section shall be construed as to limit any other provisions or
requirements pursuant to section 521-44."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2040.
Report Title:
Security Deposit Alternatives; Rental Security Insurance; Surety Bond; Residential Landlord-Tenant Code
Description:
Requires a
landlord to accept either rental security insurance or a surety bond in lieu of
a traditional security deposit, upon a tenant's request. Takes effect 7/1/2040. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.