Bill Text: HI SB2910 | 2010 | Regular Session | Amended

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Bill Title: Residential Real Property; Mortgage Foreclosure

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2010-04-20 - (H) Act 036, on 4/19/2010 (Gov. Msg. No. 248). [SB2910 Detail]

Download: Hawaii-2010-SB2910-Amended.html

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STAND. COM. REP. NO.  929-10

 

Honolulu, Hawaii

                , 2010

 

RE:   S.B. No. 2910

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Judiciary, to which was referred S.B. No. 2910 entitled:

 

"A BILL FOR AN ACT RELATING TO REAL PROPERTY,"

 

begs leave to report as follows:

 

     The purpose of this bill is to provide additional consumer protections by prohibiting a foreclosing mortgagee or mortgagee who acquires a property from requiring that a buyer purchase title insurance or escrow services from any particular vendor as a condition of sale.

 

     Title Guaranty Escrow Services, Inc., testified in support of this bill.  The Hawaii Bankers Association opposed this measure.

 

     Your Committee has amended this bill by:

 

     (1)  Clarifying that the provision applies only to the owner's title insurance policy, and not to the lender's title policy; and

 

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

 

     As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2910, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2910, H.D. 1.

 

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

 

 

		____________________________ JON RIKI KARAMATSU, Chair