Raises the maximum amount that can be in the bureau of conveyances special fund before transferring excess to general fund.

A BILL FOR AN ACT

SECTION 1. The legislature finds that the bureau of conveyances handles about four hundred thousand recordations a year; however, presently the bureau of conveyances is overloaded and there is a backlog that is delaying the processing of property titles and land transactions. Title companies are complaining of eighteen-month waits for the return of documents affirming titles.

The bureau of conveyances is clearly in need of more staff positions. The legislature is further informed that the bureau of conveyances could use a new computer server with more storage capacity, along with an in-house information technology specialist.

The purpose of this Act is to raise the maximum amount that can be kept in the bureau of conveyance special fund to allow for the creation of more staff positions and the purchase of equipment.

SECTION 2. Section 502-8, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

"(c) All moneys in excess of [$500,000] $         remaining on balance in the bureau of conveyances special fund on June 30 of each year shall lapse to the credit of the state general fund. On July 1 of each year, the director of finance is authorized to transfer any excess funds in the bureau of conveyances special fund to the state general fund."

SECTION 3. Utilizing moneys in the bureau of conveyances special fund, the bureau of conveyances shall:

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2006.