HI SB2910

Prohibits foreclosing mortgagees or mortgagees acquiring property through foreclosure from requiring buyers to use a specific title insurer or escrow agent as a condition of sale for residential property with four or fewer dwelling units.

Requires that foreclosing mortgagees or mortgagees acquiring property through foreclosure provide written notice to buyers of their right to independently select title insurance and escrow services, even if a particular vendor is recommended.

Establishes liability of three times all charges incurred for title insurance or escrow services as a penalty for violations of this section.

Preserves the validity of transactions that fail to comply with this section's requirements.

Takes effect on July 1, 2010.