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THE SENATE |
S.B. NO. |
2126 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to security deposits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§521- Security
deposit alternatives. Upon a tenant's request, a landlord that
requires a security deposit as a condition of a rental agreement pursuant to
section 521-44(b), shall offer to accept at least one of the following in lieu
of the required security deposit:
(1) Rental
security insurance; provided that:
(A) The insurance provider is an approved carrier licensed by, and
in good standing with, the insurance division of the department of commerce and
consumer affairs;
(B) The coverage is effective upon the payment of the first premium
and remains effective for the entire lease term; and
(C) The coverage provided per claim is not less than the amount the
landlord requires for a security deposit; or
(2) Payment
of the total security deposit over a series of not less than six equal monthly
installments, which shall be due on the same day as the monthly rent payment
and paid together with the monthly rent payment in a single transaction, absent
a separate agreement by the landlord and tenant.
Nothing
in this section shall be construed as to limit any other provisions or
requirements pursuant to section 521-44."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Security Deposit Alternatives; Rental Security Insurance; Security Deposit Installments; Residential Landlord-Tenant Code
Description:
Requires a
landlord to accept either rental security insurance or security deposit
installment payments in lieu of a traditional security deposit, upon a tenant's
request.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.