HI HB1957

Prohibits any person entitled to enforce a mortgage note as a negotiable instrument from foreclosing on property through foreclosure by action unless that person is the owner of the mortgage note.

Requires proof that a person is the owner of the mortgage note by establishing the validity of every transfer in the chain of title from the original creditor and holding a duly registered or recorded assignment of the mortgage.

Specifies that merely holding possession of a mortgage note does not constitute proof of ownership of the mortgage note.

Gives this section precedence over conflicting provisions in Hawaii's Uniform Commercial Code (sections 490:3-301, 490:9-203(g), and 490:9-308(e)).

Takes effect on July 1, 2050, and does not affect rights, duties, penalties, or proceedings that began before the effective date.