HI HB331

Amends Hawaii Revised Statutes Section 171-36(b) to increase the maximum aggregate term for intensive agricultural, aquaculture, commercial, mariculture, special livestock, pasture, and industrial leases from 55 years to 65 years.

Allows the Board of Land and Natural Resources to extend the fixed rental period or term of qualifying leases to facilitate mortgage lending, institutional loans, or to amortize substantial lessee-paid improvements.

Requires that any lease extension meet conditions including substantial use of the premises for original purpose, fair market rental at reopening, qualified lending institutions, and submission of improvement expenditure receipts within board-specified timeframes.

Effective upon approval.