HI HB1398

Amends Section 205 of the Hawaiian Homes Commission Act to require commercial and industrial leases of available lands to non-native Hawaiians be leased at fair market value rates.

Exempts native Hawaiians and organizations wholly owned and controlled by native Hawaiians from the fair market value requirement for commercial and industrial leases.

Establishes that lease rent for non-native Hawaiian lessees must provide the Department of Hawaiian Home Lands a fair return on the appraised fair market value of the leased lands.

Does not affect any rights, duties, penalties, or proceedings that occurred before the Act's effective date.

Takes effect upon approval.