THE SENATE	S.B. NO.	1352
TWENTY-SIXTH LEGISLATURE, 2011
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 667-31, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  After the purchaser completes the purchase by paying the full purchase price and the costs for the purchase, the mortgaged property shall be conveyed to the purchaser by a conveyance document.  The conveyance document shall be in a recordable form and shall be signed by the foreclosing mortgagee in the foreclosing mortgagee's name.  [The mortgagor or borrower shall sign the conveyance document on his or her own behalf.]"

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.

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  Statutory material to be repealed is bracketed and stricken.

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

INTRODUCED BY:

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Report Title:

Condominiums; Foreclosure; Notice

Description:

Repeals requirement that mortgagors or borrowers sign the conveyance document under an alternate power of sale foreclosure.

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