HI SB2429

Implements 2011 recommendations from the Mortgage Foreclosure Task Force to address mortgage foreclosures and related issues in Hawaii.

Proposes clarifications to Hawaii's mortgage foreclosure law under Chapter 667, Hawaii Revised Statutes, including provisions for unpaid assessments, liens, penalties, and public notice requirements.

Establishes an association alternate power of sale process for foreclosures.

Committee amended the bill to serve as a vehicle for continued stakeholder discussions and to allow flexibility during the 2012 legislative session, given concerns about the 2011 Ninth Circuit court decision requiring strict compliance with Hawaii foreclosure procedures.

Received support from the Legal Aid Society of Hawaii and Hawaiian Community Assets, but faced opposition from banking associations, credit unions, and community associations.