Requires that funds from the hurricane reserve trust be returned to mortgagors upon the repeal of the Hawaii hurricane relief fund.

A BILL FOR AN ACT

SECTION 1. Section 431P-16, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:

"(i) Solely upon dissolution of the Hawaii hurricane relief fund, the net moneys in the hurricane reserve trust fund shall [revert to the state general fund,] be refunded pro rata to the mortgagors subject to the special mortgage recording fees under this section, after any payments by the fund on behalf of licensed property and casualty insurers or the State that are required to be made pursuant to any federal disaster insurance program enacted to provide insurance or reinsurance for hurricane risks. In the event such moneys are paid on behalf of licensed property and casualty insurers, payment shall be made in proportion to the premiums from policies of hurricane property insurance serviced by the insurers in the twelve months prior to dissolution of the fund."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2001; provided that if any other measure is passed during the regular session of 2001 that repeals chapter 431P, Hawaii Revised Statutes, then this Act shall take effect one day prior to the effective date of that measure if it occurs prior to July 2, 2001.