HI HB1407

Amends Hawaii Revised Statutes Section 519-1(a) to allow lease rent renegotiations to result in decreased rental amounts based on fair market value appraisals, overriding existing contract provisions that prohibit rent reductions.

Applies to lease agreements that provide for rent renegotiation based on fair market value, highest and best use, or similar valuation methods, with the calculation based on the land use restrictions specified in the lease.

Addresses concerns about large landowners using "not less than" clauses in long-term ground leases to prevent fair market value adjustments, particularly affecting residential and commercial lessees in Hawaii.

Does not affect rights, duties, penalties, or proceedings that were established before the effective date of the Act.

Takes effect upon approval.