HI HB1630

Amends section 506-8, Hawaii Revised Statutes, to require mortgagees to provide reassignment or release of security interests in leases and rents when the underlying debt is fully satisfied, matching existing requirements for mortgage releases.

Extends title insurer authority to execute reassignments or releases of security interests in leases and rents if the mortgagee fails to provide them within 60 days of written request, subject to the same conditions and liability provisions as mortgage releases.

Allows mortgagors, title insurance companies, escrow companies, and other interested parties to file court actions to obtain reassignments or releases of security interests in leases and rents if the mortgagee does not respond within 45 days, with courts authorized to issue orders for release.

Provides that plaintiffs obtaining court-ordered reassignments or releases are entitled to treble damages and reasonable attorneys' fees unless the mortgagee had reasonable basis to believe a dispute existed regarding the security interest.

Takes effect on July 1, 2050.