STAND. COM. REP. NO. 894-04

Honolulu, Hawaii

, 2004

RE: S.B. No. 2927

S.D. 2

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Human Services and Housing, to which was referred S.B. No. 2927, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO FORECLOSURES OF GOVERNMENT-ASSISTED PROPERTIES,"

begs leave to report as follows:

The purpose of this bill is to:

(1) Revise the notice requirements of a mortgagee of property encumbered by Housing and Community Development Corporation of Hawaii's (HCDCH) first option to purchase right to a 30-day prior notice of intent to commence foreclosure proceedings;

(2) For purposes of foreclosure actions, establish government agencies as "mortgage creditors" with respect to their rights to recover the value of their shared appreciation equity, excess proceeds in lieu of buyback, or deferred sales price lien; and

(3) Authorize HCDCH at public sale to purchase qualified property by offset or credit.

 

HCDCH, City and County of Honolulu Department of Budget and Fiscal Services, County of Maui Department of Housing and Human Concerns, Offices of Community Assistance Kauai County Housing Agency, County of Hawaii Office of Housing and Community Development, and several members of the Maui County Council testified in support of this measure.

Your Committee has amended this bill by:

(1) Changing its effective date to be effective upon its approval; 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 Human Services and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2927, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2927, S.D. 2, H.D. 1, and be referred to the Committee on Judiciary.

Respectfully submitted on behalf of the members of the Committee on Human Services and Housing,

 

____________________________

MICHAEL PUAMAMO KAHIKINA, Chair