REPORT TITLE:
Condos, Foreclosure, Fees


DESCRIPTION:
Requires mortgage holders to pay common expenses to the
association while foreclosure proceedings are pending, if the
unit is being rented pending the foreclosure.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           112
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO CONDOMINIUM PROPERTY REGIMES.



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

 1      SECTION 1.  Chapter 514A, Hawaii Revised Statutes, is
 
 2 amended by adding a new section to be appropriately designated
 
 3 and to read as follows:
 
 4      "§514A-    Common expenses to be paid during foreclosure;
 
 5 when.  Notwithstanding sections 514A-15(b) and 514A-90, if a
 
 6 mortgage holder or court-appointed receiver or commissioner
 
 7 collects rent on any apartment that is in foreclosure, the
 
 8 mortgage holder or court-appointed receiver or commissioner shall
 
 9 pay to the association of apartment owners the current common
 
10 expenses chargeable to the apartment.  The current common
 
11 expenses shall be paid to the association of apartment owners
 
12 from the date the rent is first collected to the date the rent is
 
13 no longer collected or the foreclosure proceedings are completed,
 
14 whichever occurs first."
 
15      SECTION 2.  New statutory material is underscored.
 
16      SECTION 3.  This Act shall take effect upon its approval.
 
17 
 
18                           INTRODUCED BY:  _______________________