STAND. COM. REP. NO. 1954

Honolulu, Hawaii

, 2025

RE: S.B. No. 1142

S.D. 1

H.D. 1

Honorable Nadine K. Nakamura

Speaker, House of Representatives

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Madame:

Your Committee on Finance, to which was referred S.B. No. 1142, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE PROCEEDS,"

begs leave to report as follows:

The purpose of this measure is to specify procedures regarding the disbursement of insurance proceeds by a mortgage servicer to a borrower for residential real estate that has been damaged or destroyed.

Your Committee received testimony in support of this measure from United Policyholders; ‘Ahahui o Hawai‘i; and nine individuals. Your Committee received testimony in opposition to this measure from the Mortgage Bankers Association of Hawaii and Hawaii Financial Services Association. Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs; Lāhainā Strong; Native Hawaiian Legal Corporation; and Hawaii Credit Union League.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1142, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

KYLE T. YAMASHITA, Chair