Honolulu, Hawaii
H.D. 1
Speaker, House of Representatives
Thirty-Second State Legislature
State of Hawaii
Sir:
Your Committee on Water & Land, to which was referred H.B. No. 1857 entitled:
"A BILL FOR AN ACT RELATING TO EMERGENCY MANAGEMENT,"
begs leave to report as follows:
The purpose of this measure is to authorize the Governor to suspend the mortgage foreclosure provisions of chapter 667, Hawaii Revised Statutes, for properties having substantial damage resulting from a disaster under a Governor‑declared state of emergency.
Your Committee received testimony in support of this measure from the Office of Hawaiian Affairs, Hawaiʻi Emergency Management Agency, Maui County Council, a member of the Honolulu City Council, a member of the Kauaʻi County Council, Hawaiʻi State Association of Counties, and UNITE HERE Local 5. Your Committee received testimony in opposition to this measure from the Hawaiʻi Association of REALTORS. Your Committee received comments on this measure from the Hawaii Bankers Association and Hawaii Credit Union League.
Your Committee finds that a temporary suspension of foreclosure provisions for properties with substantial damage during a state of emergency ensures that homeowners are given necessary support during times of crisis while still upholding contractual obligations in the long run.
Your Committee has amended this measure by changing its effective date to July 1, 3000, to encourage further discussion.
Your Committee recognizes that concerns were raised that suspending mortgage foreclosures for up to three years could adversely affect a financial institution's overall stability and soundness and elevate risk, which in turn would tighten credit markets and hurt consumers who need access to capital after an emergency. Your Committee respectfully requests your Committees on Consumer Protection & Commerce and Judiciary & Hawaiian Affairs, should they choose to deliberate on this measure, to look into these concerns.
As affirmed by the record of votes of the members of your Committee on Water & Land that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1857, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1857, H.D. 1, and be referred to your Committees on Consumer Protection & Commerce and Judiciary & Hawaiian Affairs.
Respectfully submitted on behalf of the members of the Committee on Water & Land,
|
|
|
LINDA ICHIYAMA, Chair |
|
|
|
|