THE SENATE

S.B. NO.

601

TWENTY-SEVENTH LEGISLATURE, 2013

 

STATE OF HAWAII

 

 

 

 

 

 

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. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.


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

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Foreclosures; Deficiency Judgment

 

Description:

Prohibits deficiency judgment in cases of court-ordered foreclosures.

 

 

 

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