HI SB2329

Requires mortgagees or record assignees to provide reassignment or release of security interests in leases and rents upon full satisfaction of the mortgage and discharge of the secured debt.

Mandates that a mortgagee or record assignee provide the reassignment or release instrument within 60 days of a written request sent by certified or registered mail, or be subject to enforcement action.

Authorizes title insurers or underwritten title companies to execute and record reassignments or releases of security interests in leases and rents on behalf of the mortgagee if the mortgagee fails to comply within 60 days, provided they attach an affidavit proving the debt has been discharged.

Allows mortgagors, title insurance companies, escrow companies, or other interested parties to file a court action to obtain the appropriate reassignment or release instrument, with the court issuing an order if the mortgagee fails to respond within 45 days.

Provides that prevailing plaintiffs may recover treble damages and reasonable attorneys' fees and costs, unless the court finds the mortgagee had reasonable basis to believe a dispute existed regarding whether the security interest should have been reassigned or released.