HB 440 Summary

• Amends Hawaii Revised Statutes Section 507-45 to establish a three-month deadline for claimants to file an enforcement action on bonds posted to discharge mechanics' and materialmen's liens.

• Requires the court to promptly refund cash or discharge the bond if no enforcement action is filed within three months of the bond being posted.

• Applies to bonds filed by owners, lessees, principal contractors, or intermediate subcontractors with circuit courts or land court assistants to discharge liens on property.

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

• Takes effect upon approval.