HI HB403

Amends Hawaii Revised Statutes Section 506-8 to require mortgagees to provide reassignment or release of security interests in leases and rents when the underlying debt is fully satisfied, in addition to releasing the mortgage itself.

Authorizes title insurers or underwritten title companies to execute reassignments or releases of security interests in leases and rents on behalf of mortgagees if the mortgagee fails to comply within 60 days of written request.

Allows mortgagors, title insurance companies, escrow companies, and other interested parties to file court action to obtain a reassignment or release instrument if the mortgagee does not respond within 45 days of the complaint being mailed.

Provides that title insurers or underwritten title companies acting with gross negligence or bad faith in releasing security interests are liable for treble damages and reasonable attorneys' fees and costs.

Takes effect on July 1, 2099.